8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 6, 2021

Commission File Number	Exact Name of Registrant as Specified in its Charter, Principal Office Address and Telephone Number	State of Incorporation or Organization	I.R.S. Employer Identification No.
001-38646	Dow Inc.	Delaware	30-1128146
	2211 H.H. Dow Way, Midland, MI 48674
	(989) 636-1000

001-03433	The Dow Chemical Company	Delaware	38-1285128
	2211 H.H. Dow Way, Midland, MI 48674
	(989) 636-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Dow Inc.	Common Stock, par value $0.01 per share	DOW	New York Stock Exchange
The Dow Chemical Company	0.500% Notes due March 15, 2027	DOW/27	New York Stock Exchange
The Dow Chemical Company	1.125% Notes due March 15, 2032	DOW/32	New York Stock Exchange
The Dow Chemical Company	1.875% Notes due March 15, 2040	DOW/40	New York Stock Exchange
The Dow Chemical Company	4.625% Notes due October 1, 2044	DOW/44	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Dow Inc. ☐ The Dow Chemical Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Dow Inc. ☐ The Dow Chemical Company ☐

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

Today October 6, 2021, beginning at 10:00 a.m. Eastern Time, Dow Inc. (“Dow”) will hold a publicly available webcast event for investors and the general public (the “Investor Day”). At Investor Day, presentations discussing Dow’s strategy, market-led growth drivers, financial priorities, meeting demand for more sustainable, circular products and path to zero-carbon emissions, among other topics. These presentations are attached as Exhibit 99.1 to this report and incorporated herein by reference.

On October 6, 2021, Dow issued the press releases attached as Exhibits 99.2, 99.3, 99.4 and 99.5 to this report and incorporated herein by reference, announcing various strategic initiatives that will be discussed during Investor Day.

To view the webcast, presentations and press releases, visit the Investor page on corporate.dow.com. A replay and transcript will also be available within 48 hours following the event.

The presentations contain “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems.

Risks related to Dow’s separation from DowDuPont Inc. include, but are not limited to: (i) Dow’s inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont Inc.; (ii) certain tax risks associated with the separation; (iii) the failure of Dow’s pro forma financial information to be a reliable indicator of Dow’s future results; (iv) non-compete restrictions under the separation agreement; (v) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont de Nemours, Inc. (“DuPont”) and Corteva, Inc. (“Corteva”), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vi) Dow’s obligation to indemnify DuPont and/or Corteva for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow assumes

no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

The information contained in this report, including Exhibits 99.1-99.11 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits. The exhibits listed on the Exhibit Index are incorporated herein by reference.

Exhibit No.	Exhibit Description
99.1	Investor Day Presentation, dated October 6, 2021.
99.2	Press release issued by Dow on October 6, 2021, announcing growth investments.
99.3	Press release issued by Dow on October 6, 2021, announcing renewable power purchase agreements.
99.4	Press release issued by Dow on October 6, 2021, announcing a brownfield net-zero carbon emissions ethylene cracker and derivatives project.
99.5	Press release issued by Dow on October 6, 2021, announcing circular plastics advancements.
104	Cover Page Interactive Data File. The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded with the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DOW INC.

THE DOW CHEMICAL COMPANY

Date: October 6, 2021

/s/ AMY E. WILSON

Amy E. Wilson

General Counsel and Corporate Secretary

EX-99.1

October 6, 2021 Dow Inc. 2021 Investor Day Disciplined Value Growth with a Clear Path to Zero-Carbon Emissions Exhibit 99.1

Disciplined Value Growth with Clear Financial Priorities Dow 2021 Investor Day Agenda Presentation Jim Fitterling, Chairman and CEO Presentations & Panel Discussions led by: Packaging Diego Donoso, President, Packaging & Specialty Plastics Infrastructure Jane Palmieri, President, Industrial Intermediates & Infrastructure Consumer Mauro Gregorio, President, Performance Materials & Coatings MobilityScienceTM Tim Boven, MobilityScience Director Panel Discussion Jim Fitterling, Chairman and CEO Jack Broodo, President, Feedstocks & Energy John Sampson, Senior VP, Operations and M&E A.N. Sreeram, Senior VP & Chief Technology Officer Eunice Heath, Environment, Health, Safety and Sustainability Director Disciplined Value Growth with a Clear Path to Zero-Carbon Emissions Market-Led Growth Drivers Path to Zero-Carbon Emissions Presentation Howard Ungerleider, President and CFO Dow is well-positioned for sustained value growth in a zero-carbon emissions and circular world

October 6, 2021 Jim Fitterling | Chairman and Chief Executive Officer Disciplined Value Growth with a Clear Path to Zero-Carbon Emissions

Focused approach to deliver value growth with a clear path to zero-carbon emissions Drive sustainable growth in attractive markets where Dow is positioned to win Financial discipline with strong cash generation and balanced capital allocation Best-owner mindset based on rigorous benchmarking Advancing our ESG leadership with transparency, performance and accountability What You Will See and Hear Today Dow has disciplined, value creating plans with clear milestones to decarbonize and grow

A Compelling Investment Opportunity Attractive end-market participation with industry-leading portfolio and cost positions Attractive shareholder remuneration Leading cash flow generation Balanced capital allocation and financial discipline Growing enterprise value while driving to zero-carbon emissions Growth from sustainability-driven solutions and circularity OUR FINANCIAL TARGETS Across the economic cycle: Increase underlying EBITDA by another >$3B Maintain industry-leading cash generation >13% ROIC 2.0 – 2.5x adjusted debt-to-EBITDA Return 65% of net income to shareholders Earnings upside from high-return, low-risk investments with capex at or below D&A

Advancing Our Growth Strategy A COMPELLING INVESTMENT Growing enterprise value Attractive end-market participation Sustainability-driven solutions High-return, low-risk investments Cash flow generation Balanced capital allocation Attractive shareholder remuneration Delivering on Our 2018 Commitments Capturing Market Growth Our Path to Zero-Carbon Emissions Financial Discipline and Low-Cost Operating Model Advancing Our ESG Leadership

Delivering on Our 2018 Commitments: Progress since Spin 1. Average quarterly cash flow conversion, excludes voluntary pension contribution of ~$1B in 2021 Commitments at Spin Performance since Spin Low-risk profitable growth $2B Improvement of underlying earnings by removing structural cost and delivering on growth investments Industry-leading cash generation >$13B Cash flow from operations generated with top-quartile cash flow conversion of 95%1 Strong credit profile across the cycle >$4.5B Industry-leading net debt reduction plus >$2B lower Sadara guarantees Disciplined capital allocation ~55% Average capex of D&A protecting the balance sheet while funding low-risk growth projects Sustainably higher ROIC >13% >14% 2Q21 TTM Attractive shareholder remuneration >85% Operating net income returned to shareholders resulting in top-quartile shareholder remuneration Best-owner mindset ~$1B Infrastructure divestitures completed Advancing our ESG profile New climate & circularity targets; ESG metrics directly tied to compensation; enhanced ESG reporting (SASB) & commitment (TCFD) New climate & circularity targets; ESG metrics directly tied to compensation; enhanced ESG reporting (SASB) & commitment (TCFD) Dow delivered on its operational and financial goals through the pandemic Continued Commitment Balanced capital allocation priorities Discipline through the economic cycle Compensation metrics squarely aligned with shareholders Best-owner mindset Culture of benchmarking Enhanced transparency

Advancing Our Growth Strategy A COMPELLING INVESTMENT Growing enterprise value Attractive end-market participation Sustainability-driven solutions High-return, low-risk investments Cash flow generation Balanced capital allocation Attractive shareholder remuneration Delivering on Our 2018 Commitments Capturing Market Growth Our Path to Zero-Carbon Emissions Financial Discipline and Low-Cost Operating Model Advancing Our ESG Leadership

World-Leading Portfolio with Attractive Market Verticals Innovative Solutions for Attractive Verticals, Net Sales avg 2019-2020 Feedstock and Site Integration Global Scale and Leading Positions, Net Sales by Geography 2Q21 TTM Advantaged feedstock & derivative flexibility Proprietary catalyst and process technology World-class application development World-scale siloxanes and acrylic monomers Leading coatings solutions provider Unique hybrid chemistries Flexible manufacturing model Cost-advantaged EO & derivative positions Formulation expertise Differentiated Position #1 Total Ethylene and PE #1 Purified Ethylene Oxide #1 Ethylene Amines #1 Ethanol Amines #1 Ethylene Copolymers #1 Elastomers, Plastomers #1 Polyethylene Licensing #1 Propylene Oxide #1 Propylene Glycol #1 Polyols #1 Acrylic Binders #1 Siloxanes & Silicones Dow’s global scale, leading positions and sustainable solutions address world challenges U.S. & Canada EMEAI APAC LAA Packaging ~25% Infrastructure ~35% Consumer ~30% Mobility ~10% Net Sales (2Q21 TTM) PACKAGING & SPECIALTY PLASTICS INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE PERFORMANCE MATERIALS & COATINGS ~$23B ~$14B ~$9B ~$46B Total Dow

Industry Trends and Sustainability Enable >$800B Addressable Market Today 2025 & beyond $650B >$800B Addressable Market Circular & renewable Societal food waste reduction Downgauging / Light-weighting Decarbonization of electricity Building efficiency Longevity Connectivity Safer materials High-efficiency end-products Circular & renewable Electrification & autonomous Light-weighting Circular & renewable Reduced noise, vibration Well-positioned to capture growth from industry trends and sustainability drivers in key markets Market Verticals Key Growth Drivers Dow Participation Highlights Packaging Infrastructure Consumer Mobility Packaging to enable freshness enroute and on the shelf Elastomers, fluids, composites, and silicones enabling wind and solar power Recycling of end-of-life consumer products into raw materials for re-use Silicones, urethanes, & acrylics enable weight reduction & improve fuel efficiency Packaging solutions made with bio-based feedstocks Materials that enhance the efficiency of high- perf. buildings Bio-based home and personal care ingredients Battery assembly materials for safe and reliable EV & AV designs

Growth and Efficiency Levers Drive Earnings ~$0.3B ~$0.3B Efficiency Levers Near-Term Growth Levers1 $6B $12B $9B $15B Earnings Corridor Evolution Faster economic recovery led by post-pandemic consumer and industrial demand Tighter near-term supply and demand balances Differentiated pricing and margin uplift from low-carbon footprint and sustainable products High-margin licensing opportunities for low-CO2 emitting process technologies In-Flight Actions Increase Underlying EBITDA by >$3B Additional Opportunities Supporting Earnings Trajectory $0.9 – 1.1B Mid-Term Growth Levers2 Based on cycle EBITDA % Revenue margin averages from 2016-2Q21 using publicly reported data Plan includes 1650 kta C2 and derivatives capacity from new low/zero-carbon emissions brownfield assets; estimated peak-to-trough EBITDA range based on Dow and IHS historical margins in Americas and operating rate of 90% Total $3.0 – $3.9B

Advancing Our Growth Strategy A COMPELLING INVESTMENT Growing enterprise value Attractive end-market participation Sustainability-driven solutions High-return, low-risk investments Cash flow generation Balanced capital allocation Attractive shareholder remuneration Delivering on Our 2018 Commitments Capturing Market Growth Our Path to Zero-Carbon Emissions Financial Discipline and Low-Cost Operating Model Advancing Our ESG Leadership

Clear Path to Zero-Carbon Emissions while Driving Growth Scope 1&2 Carbon Emissions (MM mta) 2005 – 2020 CO2 â 15% | Volume á ~30%1 2020 – 2030 CO2 â 15% | Volume á ~20%1 Total CO2 â ~30% since 2005 By 2050 Decarbonize while Growing Capacity Affordable and achievable path to zero-carbon emissions while supporting attractive growth Phased Strategy to Decarbonize and Grow Replace end-of-life capacity with higher-efficiency capex and opex assets while lowering emissions (e.g. TX-9) Capture value uplift from increasing demand for low-carbon footprint and sustainable products Scale carbon-efficient economical technologies, including FCDh, EDH, e-cracking Capitalize on licensing opportunities to decarbonize the industry Deploy new technologies to close remaining gap Execute while Delivering Our Financial Targets Maintains strong cash-generating core Maintain capex ≤ D&A & allocate ~$1B/year (~1/3rd D&A) to decarbonize in a phased, site-by-site approach Timing based on affordability, macro, regulatory drivers and incentives to de-risk development and adoption Path to Zero Olefins Other Purchased Steam & Power Energy Dow Current Emissions Close remaining gap with new technologies 1. Volume growth represents ethylene capacity, excludes JVs

Next Steps to Reduce Carbon Emissions by Additional ~5MM mta and Capture Attractive Growth TX-9’s World-Class Performance Serves as a Foundation for Path to 2030 Industry Cash Cost ($/mt) Industry Ethylene Capacity (MM mt) TX-9 Global Feedstock Cost Advantage Best-in-class execution, capital efficiency and reliability Top-quartile cash cost on a global basis Best-in-class conversion cost and carbon emissions >15% ROIC since start-up with C2 at market price TX-9 Dow Fleet TX-9 is Delivering Attractive Returns and Best-in-Class Emissions Source: Dow analysis based-on 3rd-party data Lower-risk, proven technology enables achievable path to significant carbon emissions reduction by 2030 Procure more renewable energy at multiple sites Modernize Louisiana Operations energy assets Complete USGC flare recovery projects Advance Brazil silicones feedstock capabilities Pursue Terneuzen site multi-generation plan based on economic viability and government support Enable an additional $0.7B – $1.2B earnings growth by 2030 from expanded capacity in Ft. Saskatchewan, Alberta, while taking whole site to net-zero CO2 emissions Capitalizes on the Alberta feedstock advantage Leverages TX-9 best-in-class emissions & conversion cost Utilizes existing infrastructure and technologies to convert the whole site to net-zero carbon emissions with circular H2, CCS Enables differentiated sales with certifiable low- to zero-carbon emissions; decarbonizes ~20% of Dow’s C2 capacity Industry Average TX-9 Lowest Carbon Intensity and Conversion Cost Dow Avg. Dow Avg. TX-9

Public Policies are Critical to a Zero-Carbon Emissions Path Electric Steam Crackers Advanced Recycling & Advanced Batteries Circular / Blue Hydrogen Carbon Capture, Utilization and Storage Modular Nuclear Energy Note: Reflects American Chemistry Council Policy Recommendations for a Lower Emissions Future Technologies Ready to Scale with Supportive Policy Next-Generation Technologies in Development Advancing Industry Climate Progress Adopt transparent, revenue-neutral, market-based carbon price signals à Government incentives de-risk development and accelerate adoption of low- to zero-emissions technologies and solutions à Smart policies that incentivize investment can help energy-intensive industries advance carbon neutrality by 2050 H2 à Simple, credible framework for measuring and reducing scope 3 emissions

Advancing Our Growth Strategy A COMPELLING INVESTMENT Growing enterprise value Attractive end-market participation Sustainability-driven solutions High-return, low-risk investments Cash flow generation Balanced capital allocation Attractive shareholder remuneration Delivering on Our 2018 Commitments Capturing Market Growth Our Path to Zero-Carbon Emissions Financial Discipline and Low-Cost Operating Model Advancing Our ESG Leadership

Disciplined Approach to Investing for ROIC Growth Disciplined Approach Targeting ROIC >13% Disciplined Approach Decarbonize core and grow Fund path by transitioning end-of-life olefins/energy assets to new, lower-cost, zero-carbon emissions Expand capacity in attractive growth opportunities for low-carbon footprint and circular applications Quick wins and sustainability Fund higher-return, faster-payback, lower-risk incremental growth projects in attractive downstream applications with sustainability benefits Maintain foundation Safe and reliable operations is our #1 priority Fund EH&S and compliance projects while reducing capex allocation for assets approaching end-of-life Continue best-owner approach Depr. ~$2.1B D&A ~$2.9B Ramp capex within affordability to support decarbonization and growth Capex Allocation

Maintain Operational and Financial Discipline LOW-COST OPERATING MODEL CULTURE OF BENCHMARKING BEST-OWNER MINDSET Continue to execute discipline across the enterprise while advancing our growth and sustainability investments 3 Earnings Growth and Discipline Lead to Strong Free Cash Flow Yield 2 1. Average of 2019, 2020 and 2Q21 TTM 2. Dow 1Q21 excludes the impact of the $1B elective pension contribution 3. Benchmarking peer set includes: Arkema, BASF, Covestro, Eastman, Huntsman, Lyondell, Wacker Maintain top-quartile cost structure Execute restructuring and digitalization programs Evaluating infrastructure and non-revenue generating asset opportunities Continue to drive external and internal accountability Conduct at all levels with a strong bias for action Dow Free Cash Flow Yield Average Industry Cash Flow Yield1 Dow out-performance driven by profitable investments

Advancing Our Growth Strategy A COMPELLING INVESTMENT Growing enterprise value Attractive end-market participation Sustainability-driven solutions High-return, low-risk investments Cash flow generation Balanced capital allocation Attractive shareholder remuneration Delivering on Our 2018 Commitments Capturing Market Growth Our Path to Zero-Carbon Emissions Financial Discipline and Low-Cost Operating Model Advancing Our ESG Leadership

Advancing our Ambition Advanced process technologies for circularity and emissions reduction, including FCDh, EDH and e-cracking Commercialized solutions to enhance sustainability in consumer end-use applications (e.g. food packaging) >400x innovations commercialized with >40 external technical awards received New Dow.com product catalog with ~10,000 solutions searchable by industry MobilityScience™ team brings Dow’s full suite of solutions in transportation sector Industry-leading end-to-end shipment tracking for improved customer visibility ~$4.5B digitally enabled sales for 1H21, up >30% YoY on full-year run-rate basis Refreshed board with diverse expertise; 55% are women or U.S. ethnic minority Industry-leading leadership diversity Dow ACTs helps address racial inequity Raised accountability with I&D metrics in people leader incentive programs New inclusive hiring standards New sustainability targets focused on circularity and decarbonization Developed a clear path to zero-carbon emissions by 2050 Improved ESG transparency, building on 18 years of annual sustainability reporting with first integrated ESG report Adding ESG metrics to LTI programs DOW INNOVATIVE CUSTOMER-CENTRIC INCLUSIVE SUSTAINABLE

CEO Priorities Remain Consistent Maintain and grow leadership positions in key markets PROFITABLE GROWTH Deliver ~$300MM of EBITDA benefit from digitalization Advance incremental higher-growth, faster-payback investments DISCIPLINED CAPITAL ALLOCATION Prioritize lower-risk, faster-payback projects, capex ≤ D&A over cycle Higher ROIC, cash flow & returns to shareholders Maintain strong credit profile while improving financial flexibility LOW-COST OPERATING MODEL Maintain top-quartile cost structure Disciplined execution to deliver projects on-time and on-budget Deliver restructuring program run-rate of ~$300MM by YE21 ESG LEADERSHIP Decarbonize assets to zero-carbon emissions while expanding capacity Management incentives aligned with shareholders and ESG goals Capitalize on growth from high-margin, sustainability-driven applications BEST-OWNER MINDSET Maintain culture of benchmarking Evaluate and execute non-core asset transactions Enhanced transparency and disclosure 2.0x – 2.5x adjusted debt-to-EBITDA Return 65% of net income to shareholders >13% ROIC Increase underlying EBITDA by another >$3B Across the economic cycle: Maintain industry-leading cash generation

Our Board of Directors Jim Fitterling Chairman and Chief Executive Officer, Dow Jeff M. Fettig  Former Chairman and Chief Executive Officer, Whirlpool Corporation Samuel R. Allen Former Chairman and Chief Executive Officer, Deere & Company Gaurdie Banister Jr. Former President and Chief Executive Officer, Aera Energy LLC Wesley G. Bush Former Chairman and Chief Executive Officer, Northrop Grumman Corporation Jacqueline C. Hinman Former Chairman, President and Chief Executive Officer, CH2M HILL Jill S. Wyant President and Chief Executive Officer, Madison Indoor Air Quality Daniel W. Yohannes  Former U.S. Ambassador to the Organisation for Economic Co-operation and Development Diverse board represents deep experience and broad perspectives 10/11 INDEPENDENT DIRECTORS >81% WITH <5 YEARS ON BOARD ~55% WOMEN OR U.S. ETHNIC REPRESENTATION Debra L. Dial Senior Vice President and Controller, AT&T Inc. Luis Alberto Moreno Managing Director, Allen & Co LLC; Former President, Inter-American Development Bank Group Richard K. Davis Lead Director, Dow; President and Chief Executive Officer, Make-A-Wish America; Former Chairman and Chief Executive Officer, U.S. Bancorp

Our Leadership Team Jim Fitterling Chairman and Chief Executive Officer Howard Ungerleider President and Chief Financial Officer Jack Broodo President, Feedstocks & Energy Neil Carr  President, Europe, Middle East, Africa and India Karen S. Carter Chief Human Resources Officer and Chief Inclusion Officer Diego Donoso President, Packaging & Specialty Plastics Mauro Gregorio  President, Performance Materials & Coatings; Latin America oversight Melanie Kalmar Corporate Vice President, Chief Information Officer and Chief Digital Officer Torsten Kraef Senior Vice President, Corporate Development Jane Palmieri President, Industrial Intermediates & Infrastructure; Asia Pacific oversight John Sampson Senior Vice President, Operations, Manufacturing and Engineering A.N. Sreeram Senior Vice President, Research & Development, and Chief Technology Officer Amy E. Wilson General Counsel and Corporate Secretary Gender diversity of our leadership team significantly outpaces our industry peers 31% OF OUR LEADERSHIP TEAM ARE WOMEN 38% OF OUR LEADERSHIP TEAM ARE U.S. ETHNIC MINORITIES

Disciplined Value Growth with Clear Financial Priorities What You Will See and Hear Today Presentation Jim Fitterling, Chairman and CEO Presentations & Panel Discussions led by: Packaging Diego Donoso, President, Packaging & Specialty Plastics Infrastructure Jane Palmieri, President, Industrial Intermediates & Infrastructure Consumer Mauro Gregorio, President, Performance Materials & Coatings MobilityScienceTM Tim Boven, MobilityScience Director Panel Discussion Jim Fitterling, Chairman and CEO Jack Broodo, President, Feedstocks & Energy John Sampson, Senior VP, Operations and M&E A.N. Sreeram, Senior VP & Chief Technology Officer Eunice Heath, Environment, Health, Safety and Sustainability Director Disciplined Value Growth with a Clear Path to Zero-Carbon Emissions Market-Led Growth Drivers Path to Zero-Carbon Emissions Presentation Howard Ungerleider, President and CFO Dow is well-positioned for sustained value growth in a zero-carbon emissions and circular world

Packaging Diego Donoso | President, Packaging & Specialty Plastics October 6, 2021

Growth Levers Enabled by Attractive End-Market Participation Market Overview and Supply-Demand Dynamics PE Versatility and Dow’s Unique Packaging Capabilities PE Sustainability, Low-Carbon and Circular Solutions Innovation across the Value Chain Key Topics Market Verticals Consumer Mobility Infrastructure Packaging $250B ~1.3-1.5x GDP Addressable Market Growth Rate Dow’s Participation in Packaging Key Offerings: LDPE/LLDPE/HDPE Licensing & Catalysts Laminating Adhesives Hot Melt Adhesives Compatibilizers Compounded Solutions Plastomers/Elastomers High-Pressure Copolymers Global, low-cost footprint with Pack Studios in every region Advantaged feedstock in every region, including leading flexibility and full integration Differentiated portfolio of functional polymers enables full-system solutions World-class packaging franchise representing ~25% of Dow sales Actions underway to increase supply of low-carbon footprint & circular materials Broad portfolio with deep market knowledge, including catalyst & process technology Highlights Food Packaging Consumer Industrial Adhesives Recycled  Health & hygiene

Packaging Key Market Drivers Population growth & urbanization in developed economies Growing middle class and healthy living equity in emerging geographies resulting in increased PE use per capita The move towards lighter-weight packaging increasing demand for high-performance materials Lower CO2 footprint with more functionality, renewability and circularity versus alternative materials Estimated polyethylene market growth of ~1.3-1.5x GDP Sustainability Drives Opportunity Market Overview PE Op. Rates Forecasted to Increase through 2026 Industry Capacity (MM mta) Low-Carbon, Circular and Renewable Solutions Materials for Food-Supply Safety and Protection High-Performance Materials to Reduce Packaging Weight Energy Transition Well-Being Industrial Efficiency New Value Pools New Purposes to Fulfill PE fulfills purposes for many end-markets, incl. packaging Sustainability drivers open new value pools & opportunities Source: Combined industry consultant reports and Dow view, Aug 2021 Per Capita Use of PE Growing Source: Nexant 2021 9000 INDIA ME/AFRICA APAC/ OTHER LAA EUR JAPAN/ KOREA CHINA US & CANADA Polyethylene Demand Per Capita [kg/per, 2030] Population [millions] Growth Rate 2020 – 2030 CAGR1: Commodity PE  Differentiated PE  Packaging market drivers support strong PE demand growth; sustainability needs open new opportunities n 3.1%  n 4.7% 1. Differentiated PE = Higher alpha-olefins (octene and hexene) LLD plus bimodal HDPE; Commodity PE = all remaining grades

Op. EBITDA Per Pound Polyolefins Capacity (cpp) Dow Well-Positioned to Lead a Sustainable Future Technology-Advantaged vs. Industry Highly flexible asset capabilities enable Dow to optimize mix and capture differentiated prices and margins Unique portfolio of other specialty packaging solutions: waterborne coatings & adhesives, laminating adhesives, silicone release coatings & agents versus PE-based peers Note: Op. EBITDA/lb excludes equity earnings; for full benchmarking details, see 1Q21 Earnings materials OBC: Olefin Block Copolymers, Dow patented elastomer material. 2Q21 TTM. Functional Polymers includes Wire & Cable, Elastomers, and Ethylene Copolymers. Increasing Margins AND Growing Volume Functional Polymers generate ~1000 bps higher unit-margins than PE and make up ~20% of our P&SP volume2 Functional Polymers Enable Sustainability and Higher Margins Benchmarking Confirms Differentiation Low-carbon emissions & circular polyolefin capacity Reduced emissions, waste-water and fresh-water consumption vs. prior generation technology Targeting no pellet spills – “Operation Clean Sweep” P&SP segment expected to contribute +$1.6-2.3B op. EBITDA/yr from growth investments including Alberta; Packaging is a key market Investments in Low-Carbon Solutions Fueling Global Growth FY20 Dow’s purpose-built integrated PE portfolio consistently outperforms peers on Op. EBITDA/lb basis Polyethylene Cycles Average volume growth of ~1.6x GDP while increasing unit margins by >20% each cycle Polyethylene Volume (Billion lbs) Op. EBITDA Per Pound (USD/lb) Functional Polymers Polyethylene Op. EBITDA per lb. Functional Polymers Polyethylene Supply Capability FY19

“Polymers with Purpose” Capture Value in Packaging and Beyond 100% Recyclable PE Package Made with INNATETM Bio-based Footwear Made with ECOLIBRIUMTM Pharma Durables with Recycled Content and REVOLOOPTM Wellbeing Industrial Efficiency Higher-Performance with Less Material Using ELITETM Low Carbon Circular Enable Energy Transition ENGAGETM , ENDURANCETM Paving with PCR Materials Utilizing ELVALOYTM Energy Transition Carbon emissions reduction and circularity drive above-GDP demand growth for polyethylene Accelerators and New Value Pools Reduced Food Waste & Healthier Living with AFFINITYTM Clean Water Access with CONTINUUMTM Increased Food Yield with CONTINUUMTM & ELITETM Societal Low-carbon footprint, circular and renewable materials capture differentiated prices Packaging applications that are 100% all-PE recyclable Increased desire to downgauge and reduce product weight in packaging and mobility markets UN Sustainable Development Goal of “Zero Hunger” accelerates demand growth for PE-based food packaging Increased licensing opportunities for low-carbon emitting technologies Public and private interests are driving significant investments to decarbonize power, building & infrastructure markets Capital and operating investments are fully aligned to capture high-value growth from new value pools

Application Development Material Science Process Research Catalyst Research Converter Retailer Go-to-Market Differentiation Drives Value Growth in Packaging Low Carbon Circular State of the Art Prototyping, Modeling & Testing Focus on circular economy Global Footprint Expert network: internally and externally Extensive and unique capabilities enable Dow to solve unmet needs across the entire packaging ecosystem High Throughput Genome Lab Dow engages the entire value chain while peers have limited reach Ecosystem Community Research & Development Equipment Manufacturer Brand Owner Municipal Waste Management

Plastics are One of the Most Sustainable Packaging Solutions 1MM mta Target: Plastic collected, reused, recycled By 2030, Dow will STOP THE WASTE by enabling 1 million metric tons of plastic to be collected, reused or recycled through its direct actions and partnerships. Stop the Waste Plastics have a $400 billion per annum in potential environmental cost-savings vs. other material alternatives across value chain Plastics have 4x Lower Environmental Impact1 Dow Flexible PE has the Lowest CO2 Footprint Cradle-to-Grave Carbon Footprint, kg CO2 / package Even accounting for higher recycling rates in other materials, flexible low-carbon emitting PE from Dow has a carbon footprint advantage2 1 Trucost Study, July 2016. Polyolefins include all polymeric packaging, including polyethylene. 2 Dow analysis using LCA method and EcoInvent database, comparing all PE stand-up pouch, paper box, rigid PP, and glass & metal jar designs Enabling >80% of our products into packaging applications to be reusable or recyclable today Plan to achieve 100% with application development, redesign and infrastructure improvements By 2035, Dow will CLOSE THE LOOP by enabling 100% of Dow products sold into packaging applications to be reusable or recyclable. Close the Loop Leading with Tangible Actions across the Ecosystem Plastic Packaging Alternatives to Plastics

Uniquely Delivering Circularity while Lowering Value Chain CO2 Emissions Comprehensive approach to reducing carbon footprint and increasing circularity opens a $5B attractive growth opportunity for Dow $5B Mechanical & Advanced Recycling Enabling Fully Recyclable Packaging Incorporating Bio-Based Feedstocks Decarbonization of Assets

Design for Recyclability Actions Expand Our Market Opportunity MDO We are enabling brands to achieve their 100% recyclable packaging targets by 2025 PREVIOUS: UNRECYCLABLE PACKAGE NEW: FULLY RECYCLABLE PACKAGE ~30% expanded addressable market Dow Materials Non-Dow Materials Dow Materials Non-Dow Materials 33

34 Recycling Commitments Becoming an Earnings Growth Reality Executing Strategy to Secure Both Supply and Demand Strategy Supply Multi-generation plan consisting of partnerships and in-house technology-advantaged solutions Demand Collaborating and securing commitments with value chain to pay, advocate and co-invest in circular technologies and products REVOLOOP™ sales and supply partnerships in every geography  Commercial Launch of Advanced Recycling Circular Polymer in 2022 Building Market Development Unit for circular feedstocks Pipeline of 25 strategic value chain partnerships Pipeline of 150kta future sales of circular polymer Clear Path to 2030 Stop The Waste Commitment ISCC+ Certification of Dow Assets  PCR: ~30% PCR: ~50% 1MM mta Target: Plastic waste collected, reused, recycled Partnerships Mechanical Recycling Advanced Recycling Execution Recycled Material Suppliers Converters / Customers Brand Owners

Closing the Innovation Loop across the Value Chain Post- Consumer Recycle Advanced Recycling Feedstocks Process Innovation CO2 Reduction, Alt. Intermediates Virgin Feedstocks Catalyst Discovery & Product Design Design for Recyclability Carbon-Advantaged Feedstocks Mechanical Recycling & Compounding Responsible Production and Responsible Consumption CO2 Circularity Industry-leading portfolio of PE resins and compatibilizers In-region Pack Studios catalyze collaboration across value chain R&D investment for alternative feedstocks process development Scope 1, 2 & 3 reductions will favorably impact circular offerings’ carbon footprint  Dow Unique Capabilities Comprehensive Value Chain Collaborations Enable Lowest CO2 Footprint with Highest Circularity +Additives

Solutions Enable Customer Carbon Footprint Reduction Dow Sustainable Innovations Sustainable certified sources Low-CO2 materials from non-arable land use Bio-based materials Industry Sustainability Trends Our Value Proposition ACCELERATE SUSTAINABLE GROWTH Growing demand for Hot Melt Adhesives used in sealing cartons, cases, and food packaging using sustainably-sourced bio-feedstocks SUSTAINABLE INNOVATION Reduces adhesive CO2 footprint by ~120% vs. standard polyolefin Hot Melt Adhesive CUSTOMER CENTRIC PERFORMANCE Henkel’s Technomelt Supra ECO is formulated with Dow AFFINITY™ REN Excellent for sealing performance Low CO2 Footprint for Customer Focus on sourcing sustainable certified biomaterials Breadth of applications for sealing cartons & cases including food packaging New AFFINITY™ REN is one of the first bio-based high-performance polyolefin elastomers on the market

Growth Levers Enabled by Attractive End-Market Participation Market Overview and Supply-Demand Dynamics PE Versatility and Dow’s Unique Packaging Capabilities PE Sustainability, Low-Carbon and Circular Solutions Innovation across the Value Chain Packaging is critical to serving emerging middle-class needs and growing global population Expect favorable PE supply-demand dynamics through 2026 PE lowers CO2 emissions and environmental impact versus alternative materials which drives the business case for circularity Decarbonization and circularity are important drivers leading to ~1.3-1.5x GDP growth of the $250B total addressable market Key Topics Packaging Market Highlights Market Verticals Consumer Mobility Infrastructure Dow Participation Highlights Global, low-cost footprint with Pack Studios in every region Advantaged feedstock in every region, including leading flexibility and full integration Differentiated portfolio of functional polymers enables full-system solutions World-class packaging franchise representing ~25% of Dow sales Actions underway to increase supply of low-carbon footprint & circular materials Broad portfolio with deep market knowledge, including catalyst & process technology Dow’s sustainability targets to reduce carbon emissions and increase circularity unlock value growth Packaging $250B ~1.3-1.5x GDP Growth Rate Addressable Market

Infrastructure October 6, 2021 Jane Palmieri | President, Industrial Intermediates & Infrastructure

Growth Levers Enabled by Attractive End-Market Participation Market Overview and Supply-Demand Dynamics Lower Carbon Footprint Green Buildings Smart Infrastructure Key Topics Market Verticals Packaging Mobility Infrastructure $275B 1.3x GDP Addressable Market Growth Rate ~35% of Dow net sales go into infrastructure market Dow’s broad offering of sustainable solutions supports fast-growing market Leading franchises with strong brand recognition to support infrastructure growth Selectively investing in high-growth and high-margin applications to deliver innovative solutions Hybrid innovation focus to solve most pressing challenges Dow’s Participation in Infrastructure Consumer Asia Pacific Infrastructure & Growth Platform CO2 Capture & Gas Treating Paints & Coatings Interior Buildings Exterior Buildings Power transmission, Telecom & 5G Energy Efficiency Key Offerings: Polyurethanes Specialty solvents and surfactants Silicone adhesives & sealants Acrylics & waterborne coatings Polyethylene compounds Highlights

40 Infrastructure Key Market Drivers Increasing Global Investment in Infrastructure Globalization/Urbanization increasing the adoption of new products Energy and construction efficiency through improved quality and durability Lower carbon footprint of energy infrastructure Longer life, higher performance and more sustainable products Total addressable market ~$275B, 1.3x GDP New Value Pools Market Overview Constructive Industry Conditions for Growth Green buildings Reduce CO2 footprint Agile formulations Smart connected MDI Operating Rate Outlook Source: Projected Annual Industry Investment Needs; Global Infrastructure Outlook Source: Combined industry consultant reports and Dow view, October 2021

Well-Positioned to Lead a Sustainable Future Leading Franchise Positions Infrastructure Market Why Dow Wins II&I segment expected to contribute $0.3-0.4B Operating EBITDA/year from new growth investments; infrastructure is a key market Investments to enable leading polyurethane systems growth for specialty applications Investing in attractive EO and downstream specialty solvents and alcohols Local formulation capabilities in South China to serve fast-growing Asia Pacific markets Innovation for sustainable next-gen infrastructure Investing for Growth Presented by Palmieri; Highlight why Dow wins in the infrastructure space; Select key visual elements will be displayed on-screen Ind. Intermediates & Infrastructure Packaging & Specialty Plastics Perf. Materials & Coatings ~35% Dow Net Sales Broadest Toolkit: Distinctive and hybrid chemistry solutions Focused Innovation: Based on current and emerging market trends Gas Treating CO2 Capture Building Science Cleaning Science Insulation Science Structural Science Downstream polyurethane and industrial products generate >3x higher margins Downstream Products Aligned to Sustainability Trends & Higher Margins Upstream Components Downstream Products Upstream Components Downstream Products Full Suite of Offerings to Advance Next Generation Infrastructure Source: Projected Annual Investment Needs; Global Infrastructure Outlook Depth of Offerings & Tailored Solutions: Polyurethanes, ethoxylates, elastomers, solvents, amines, silicones, acrylics & cellulosics Scale: Largest global producer of purified ethylene & propylene oxide and polyols

Lower Carbon Footprint

Renewable Energy Transition Through Sustainable Oil Recovery EOR Driving Sustainability 20-50% increased oil production 10-30% reduced energy use Up to 30% less water use 10-30% less GHG emissions Our Value Proposition BETTER PERFORMANCE Increase oil production with minimal capital investment ENERGY EFFICIENCY Increase energy efficiency by 30-50% CIRCULARITY Biodegradable additives with no negative effects on equipment Dow surfactants boost production at oil wells Enables customers to improve efficiency and preserve capital for investment in renewables Delivering innovation to use CO2 as a surfactant ingredient for cleaning solutions ACCELERATE GROWTH Increased use of surfactants in Enhanced Oil Recovery (EOR) drive a Total Addressable Market of ~$10B and growing Driving Decarbonization and Efficiency in Oil & Gas

More Sustainable Fabric Dyeing Infrastructure with ECOFAST™ Pure less process chemicals 90% less water 50% ECOFAST™ Pure Helping protect water resources and climate by delivering up to: lower carbon footprint 60% Powering Ralph Lauren’s Color on Demand Platform and Recently Featured in their 2020 Team USA Collection Expanding Solutions in Global Textile Market Provides Additional Growth Opportunity Global Textile Market CAGR +4-5% ACCELERATE GROWTH ECOFAST™ Pure represents new value pool for high-performing sustainable textiles with a $2B near-term market opportunity in cotton dyeing COLLABORATION WITH INDUSTRY Partnership with Ralph Lauren has led to ~15 active discussions with additional brand owners LEADERSHIP IN SUSTAINABILITY Innovative technology allows for superior performance while reducing water and energy intensity in textile industry infrastructure Source: Aggregate of various industry research reports Our Value Proposition less energy 40%

Green Buildings

DEPTH OF OFFERINGS Dow’s solutions utilize full suite of chemistry sets INNOVATION Dow’s innovation expertise and hybrid technologies provide more sustainable offerings to green building market Our Value Proposition Advancing Building Science with a Broad Chemistry Toolkit Roofing Roof tile coatings/water repellants elastomeric roof coatings & liquid applied roofing membranes Walls & facades Insulation, fiber cement façade boards, interior & exterior coatings Tile adhesives & grouts    Exterior & interior applications Flooring & surfaces  Self-leveling underlays, adhesives, grout, carpet  Concrete Admixtures, waterproofing concrete & concrete protection Interior applications Cement/gypsum-based render/mortar, sealants Waterproofing membranes Coatings for water-proof barriers Window, door & building elements Decking, façade, doors, glass, windows, pre-fabricated materials Acrylics DOW™ Latex Powder Cellulose Ether Silicones Polyurethanes Elastomers & Plastomers $50B+ Green Building market growing at ~6% CAGR

Low-Carbon Silicone Sealants for Building Facades Industry Sustainability Trends Our Value Proposition ACCELERATE GROWTH Demand growth in adhesives and sealants for high performance building solutions for green certified buildings market Total Addressable Market increasing from $4B to $12B by 2025 LEADING BRAND POSITION DOWSIL™ branded silicones are used in numerous global landmark projects and serves as a reference to key global architects, consultants and contractors; expanding offerings to non-silicone applications LEADERSHIP IN SUSTAINABILITY Utilize Dow’s integrated technologies to develop sustainable solutions that advance the building and construction industry toward a lower carbon footprint and circularity Renovation, Prefabrication, and Multi-usage Circularity Reduce footprint (energy & CO2 emissions) Enable creative design with high performance silicones Reduce energy consumption with insulated glazed systems Reduce installation time and lower waste with pre-fabricated facade systems Lower life-cycle costs with 50+ years durable performance Sustainability benefits Green buildings Smart cities Building Science Connect Insulating Glass Structural Glazing Weatherproofing Download only Solution highlighted in pre-recorded video (Penrice)

48 Drymix Additives Enable Carbon Reduction in Building & Construction Dow’s additives reduce CO2 impact of cement and address efficiency, resource scarcity and carbon intensity Drymix mortars formulated with additives (WALOCEL™ Cellulose Ethers and DOW ™ Redispersible Latex Powders) reduce environmental impact with less material needed versus traditional mortars 70% of GHG emissions originate from infrastructure CO2 DIFFERENTIATION Dow is the only supplier with cellulosics, latex powders and silicone chemistries Single small-scale projects have demonstrated the ability to reduce an average 1,200 mta of CO2 per year Industry Sustainability Trends Our Value Proposition Sustainability Benefits Dow’s additives enable savings of over 18MM mta CO2 annually INNOVATION Dow’s extensive innovation expertise opens a $5B addressable market

Cool Roof Reflective Coatings Reduce Building Energy Needs Dow offers a variety of advanced materials for elastomeric cool roof coatings, designed for various environmental conditions and performance requirements, that reduce energy used to cool buildings and prolong roof system life. INNOVATION EXPERTISE Dow has years of experience in developing solutions that are tailored to different climate conditions Prolonged roof system life through easy refurbishment Sustainability Benefits Our Value Proposition ACCELERATE GROWTH Capture growing demand for energy saving roofing technologies in a $1.5B addressable market Up to 20% reduced energy needs for cooling Long-lasting reflectivity from tailored solutions

Smart Infrastructure

FASTRACK™ Enables Autonomous Mobility Infrastructure Our Solution: FASTRACK™ Road-Marking Resins Industry Trends ENHANCED NIGHT-TIME VISIBILITY  Enhanced retention of glass beads offering up to 150% better retro-reflectivity The Road Ahead Global addressable market for road markings Total smart mobility addressable market Strong presence in NAA with additional growth opportunities in EMEAI & APAC $4B $400B IMPROVED WEAR PROPERTIES  >2x increase in road marking service life across a wide range of climates over bituminous & concrete road surfaces  PRODUCTIVITY GAIN  Patented Quick-Dry chemistry reduces dry time by 50% and accelerates return to service  LOWER ENVIRONMENTAL IMPACT Waterborne polymer technology ~70% lower material use ~45% lower GHG emissions vs. thermoplastic paints over a ten-year road life ~80% less VOCs vs. solvent-borne paints, exceeding most road-marking paint regulations Innovating to enable autonomy Fast return to service Trusted durability Autonomous vehicle compatibility Durability Easy application / Quick-dry Sustainability / VOC reduction Driver safety and regulatory compliance

Low-Carbon Footprint Power Cable Systems with Dow Endurance™ 70% Lower inventory cost for cable producers 80% Carbon footprint reduction from cable production (degassing reduction) 30% Higher cable factory productivity High Voltage AC High Voltage DC 90°C  Operating temperature improves energy transfer 15% Increase in power transmission >$8.5K/mile Cable cost reduction thanks to material saving  For 400kV cables, degassing time reduction of 24 days/km   Breakthrough Cable Technology Enabling Renewable Power Connection ¹ Patent Pending 2 Per International Energy Agency Our Value Proposition INNOVATION Dow’s extensive innovation expertise and flexible technology offers solutions for next-generation, lower-carbon infrastructure Our Solution DOW ENDURANCE™ EHV and HVDC Compounds1 Reduces Degassing Time Power saving of 3500KWh/km of cable Power Saving ACCELERATE GROWTH Dow’s compounds for cable systems offer long-lasting protection for power connections Investment in electricity transmission networks of ~$50B per year globally2

Asia Pacific Infrastructure & Growth Platform

Collaborating for Circularity in Rubberized Sport Surfaces Beyond offering an improved environmental profile to meet growing demand for safer materials, ECOGROUND™ Binder has opened the door for sustainability driven collaboration for widespread social impact Our Value Proposition SPORT SHOE TO JOGGING TRACK Enabling permanent shoe waste collection ecosystem FIRST OF ITS KIND In-situ permeable tennis court in Singapore PLAYGROUND AND RUNNING TRACK Projects to support local education initiatives ECOGROUND™ Binder is a more environmentally-friendly and higher-performing alternative to solvent-based systems for rubberized running surfaces for playgrounds, public institutions and recreational facilities Total Addressable Market of $5B R&D100 GreenTech Bronze Award & Responsible Care® Award winner Low odor, low-VOC solution, featuring China Environmental mark certification 2019 Best Green Collaboration Award - Singapore International Chamber of Commerce – school sport facilities​ Dow’s third official Sustainable Alternative by the Corporate Safe Materials for a Sustainable Planet 2025 Goal team Sustainability Benefits Dow and Meituan (Mobike) to donate playgrounds and running tracks made from retired Mobike tires Collaborations in Asia Pacific Dow and National sports agency Sport Singapore (SportSG) to upcycle 300,000 pairs of shoes into sports infrastructure

Supporting Rubber Recycling Processes with VORAMER™ Binders Polyurethane binders are used in a variety of recycling applications – they bond together different kinds of shredded materials; including rubber, flexible foams and more. Our Value Proposition MANUFACTURING ENABLEMENT Tailor made solutions for production optimization DIFFERENTIATED TECHNOLOGIES Innovative and complementary technologies differentiates Dow’s position in ~$2B polyurethanes binders market DIVERSE APPLICATIONS Flexible polyurethane chemistry providing superior performance DURABILITY Extended lifetime of end-products MECHANICAL RECYCLING Contributes towards sustainable processes utilizing upwards of 90 percent recycled rubber materials SAFER MATERIALS Free of volatile solvents  and hazardous additives Sustainability Benefits

Specialties Hub Investment Accelerates Growth in Asia Pacific Signed Memorandum of Understanding (MoU) with Zhangjiang Economic and Technological Development Zone Administrative Committee (Zhanjiang EDZ) to establish the Dow South China Specialties Hub Multi-year project providing customers local access to Dow’s portfolio of high value products and innovative technologies Extend Dow’s local reach and enabling more customer intimacy, more sustainable growth and greater innovation opportunities Growth of high-value alkoxylates and polyurethane systems Project Scope Capacity: ~250,000 Tons Total Investment: $250MM USD Industrial Cleaning Crop Defense Energy Efficiency Electronics & 5G Consumer Targeted Site Location: Zhanjiang, South China Market Trends High-Value Market Growth Urbanization Sustainability Mobility Enhancing Asia Pacific Customers’ Local Access to Innovative Material Science Solutions

Growth Levers Enabled by Attractive End-Market Participation Next generation of infrastructure spending supported by lower-carbon footprint, energy efficiency and smart infrastructure Rising middle class and population growth drive high infrastructure spend; 75% of the infrastructure that will exist in 2050 has yet to be built Global push to accelerate investment in infrastructure drives economic growth, improves resiliency and sustainability Intersection of infrastructure growth, digitalization and sustainability create new value pools Infrastructure Market Highlights Market Verticals Packaging Mobility Infrastructure $275B 1.3x GDP Addressable Market Growth Rate ~35% of Dow net sales go into infrastructure market Dow’s broad offering of sustainable solutions supports fast-growing market Leading franchises with strong brand recognition to support infrastructure growth Selectively investing in high-growth and high-margin applications to deliver innovative solutions Hybrid innovation focus to solve most pressing infrastructure challenges Dow Participation Highlights Consumer Market Overview and Supply-Demand Dynamics Lower Carbon Footprint Green Buildings Smart Infrastructure Key Topics Asia Pacific Infrastructure & Growth Platform

Consumer Mauro Gregorio | President, Performance Materials & Coatings October 6, 2021

Growth Levers Enabled by Attractive End-Market Participation Market Overview and Value Growth Highlights Lower Carbon Footprint and Sustainable Materials Circularity Connectivity and Wellbeing Key Topics Market Verticals Packaging Mobility Infrastructure Consumer $200B 1.5x GDP Addressable Market Growth Rate Dow Participation in Consumer Coatings Electronics Personal Care Home Care Durables Textiles ~30% of Dow net sales into Consumer Market through broad participation across all Operating Segments Dow’s innovative portfolio addresses lower-carbon footprint and circularity goals while enabling continued growth Industry leadership delivered through in-depth application expertise and innovative digital platforms Investment in high-return, fast-payback projects to continue to unlock additional downstream capacity Geographic breadth to locally serve customers Key Offerings: Silicone polymers adhesives & gels Processing agents Acrylic emulsions Surfactants Rheology modifiers Polyurethane foams Bio-based plastics Highlights

Consumer Key Market Drivers Growth of Middle Class Growth of the middle-class population and increased spending per capita trends Smart technologies and connectivity driving growth of +25 billion devices by 2025 Environmentally-conscious consumers demanding more sustainable products Wellbeing & safer materials trends drive demand for health & appearance products  Total addressable market ~$200B, growing at 1.5x GDP Silicone Volume (Kg Per Capita) Market Overview New Value Pools Sources: Statista; Brookings Connectivity and Wellbeing Lower-Carbon Footprint and Sustainable Materials Circularity Sources: IHS, SAGSI, Company Disclosures and Internal Estimate Japan/ Korea 1.1 US / Canada 1.0 W. Europe 0.9 China 0.4 E. Europe 0.3 LAA 0.14 SE Asia 0.13 Middle East 0.1 India 0.03 Africa 0.01 Silicone Volume Per Capita [kg/per] Population [millions]

Enable Customers and Consumers to Reduce their Carbon Footprint Dow Well-Positioned to Lead a Sustainable Future Consumer Market Why Dow Wins Investing for Growth PM&C segment expected to contribute $0.5-0.6B of Operating EBITDA/year from growth investments; Consumer is a key market Accelerate downstream growth in value chains through mix shift and innovation Invest in high-growth end-markets tied to middle-class growth trends Advancing sustainable solutions to capture demand and differentiated pricing opportunities Ind. Intermediates & Infrastructure Packaging & Specialty Plastics Perf. Materials & Coatings ~30% Dow Net Sales B2B World-class silicones franchise Si Global footprint in target markets In-depth market and industry expertise Extensive materials science and application knowledge Successful B2B digital platform Leading solution provider in coatings, polyurethanes, packaging Reducing Our Silicone Manufacturing Carbon Footprint Targeting 50% CO2 Reduction by 2030; Carbon Neutral by 2050 Coatings Electronics Personal Care Home Care Durables Textiles Siloxane Site Silicones Finishing Site Silicon Metal Site Natural Resources

Lower Carbon Footprint and Sustainable Materials

Skincare Solutions For a Sustainable Future Award-Winning Innovations More with less: improved application and UV protection Bio-based Industry Sustainability Trends Our Value Proposition ACCELERATE SUSTAINABLE GROWTH Investing in sensorial and safe skincare with near-term Total Addressable Market of ~$4B; Global CAGR ~5% CUSTOMER CENTRIC SERVICE Key partnerships with industry leaders as well as offering technology access to upcoming brands LEAVE NO ONE BEHIND Designing with human diversity at the heart of new application technology – skin tones & hair types Excellent for pleasing aesthetics and sensorial experiences, even for sensitive skin Readily biodegradable Focus on sourcing certified biomaterials Driving formulation efficacy by reducing the quantity of actives (up to 50%) Biodegradable

Cleaning Science Platform: Sustainability through Sensational Science Award-Winning Innovations Biodegradable Bio-based Lower carbon footprint Industry Sustainability Trends Our Value Proposition ACCELERATE GROWTH Invest in sustainable, effective and affordable solutions with near-term Total Addressable Market of ~$8B CUSTOMER FOCUS Strategic collaborations with industry leaders tackle biodegradation, carbon footprint & safety RESOURCE EFFICIENCY Creating superior performance with reduced environmental footprint ACUSOL™ Prime 1 – Dow’s first high-performing biodegradable auto dish dispersant delivering shine IchemE innovation finalist External access bio-surfactants Doing more with less Developing novel biodegradable polymers Use less water (up to 50%) Easy rinse  silicones  Reduce laundry temperatures (up to 40%)   Novel cleaning  booster additives   Enable e-commerce with compact formats Surfactants / solvents Brilliant white shirts Dispersants Easy pour laundry Rheology modifiers High-end aesthetics for premium products Opacifiers Reduce water and air pollution Novel Biosurfactants 

Improved environmental profile Excellent water-repellency Soft touch Scratch resistance Low seam slippage Emulsions for Durable Water-Repellency Award-Winning Innovations Zero discharge of hazardous chemicals Lower water usage Comfort & performance Industry Sustainability Trends Our Value Proposition ACCELERATE GROWTH Penetration into PFC-free durable water-repellant market with a near-term Total Addressable Market of ~$200MM CUSTOMER FOCUS Establish Dow’s leading position in PFC-free durable water-repellency through close relationship with textile brands & value chain partners DRIVE SUSTAINABILITY Offering more sustainable solutions through differentiated silicones & silicone-hybrid technology Durable water-repellency wash-after-wash Excellent performance and brand differentiation DOWSIL™ Emulsion for durable water-repellency Emulsions that keep fabrics softer, more comfortable Silicone-based durable water-repellent finishing emulsion for fabrics Based on an award-winning innovation jointly developed by Nicca Chemical Co. and Dow Helping customers set their brands apart! Garments that stand up and stand out

Broad sources of bio-feedstock suppliers Bio Plastics Help Customers Achieve their Goals For a Lower Carbon Footprint Bio-Plastics of the Future Competitive Advantage Bio-origin saves fossil resources Drop-in solution Lower carbon footprint Industry Sustainability Trends Our Value Proposition LEAD FOR VALUE Lower carbon footprint offering for customers looking to move away from fossil fuels DIFFERENTIATE Innovation expertise differentiates Dow’s position in more sustainable, global footwear market CREATE FUTURE DEMAND Offering solutions to create new value pools for sustainable footwear offerings Total Addressable Market of ~$2B High performance materials with lower carbon footprints Several bio-feedstocks local suppliers Collaboration for success Bio-residues and no food competition Sustainable certified value chain Portfolio/ channel- to-market Broader bio feed than competition

Circularity

Sustainable Paper Coatings with Improved Recyclability Lower carbon footprint Bio-based Recyclability Industry Sustainability Trends Industry Trends Runs on existing equipment Next generation oxygen & moisture vapor barrier materials Oil & grease resistance Exceptional barrier performance Bio-based options available Invested in flexible paper mills since 2017 Recyclability Biobased Compostability >$1.7B Greater barrier performance Multifunctional usage Sustainability Focused Customers Demand-Driven Premiums Award-Winning Solution: RHOBARR™ Dispersions IMPROVED RECYCLABILITY Up to 99% fiber recovery for coated paper products RESOURCE EFFICIENCY 70% raw material reduction and 18% lower water resource depletion vs. traditional coatings STRONG BRAND OWNER COMMITMENT Growing interest across value chain, as Dow solutions help brand owners achieve sustainability targets

Thermal Conductive Silicone Gel for High-Performing Electronics Sustainability Benefits Waste reduction Design flexibility High performance Industry Sustainability Trends Our Value Proposition ACCELERATE GROWTH Accelerate growth in Consumer Electronics market with near-term Total Addressable Market of ~$800MM PARTERNING WITH INDUSTRY LEADERS Establishing strategic partnerships with display innovation pioneers, enabling new technology and design DRIVE SUSTAINABILITY Lead to establish sustainability environment in consumer electronics market via providing repairable and removable solutions Devices last longer, keeping waste out of landfills Automatic dispensing process Protection against moisture, vibration and shock Reuse/recycle/repair of electronic components Waste reduction with longer lasting devices Efficient processing with automatic dispensing and no cure step 1st repairable gel for smartphones on the market Salvage/reclaim enabled by material that easily peels off

RENUVA™ Mattress Recycling Program Circularity of Mattresses Less waste Health & environment protection Circularity of consumer goods Industry Sustainability Trends Our Value Proposition LEAD FOR VALUE Dow drives circularity for Polyurethanes and identifies new value pools with Total Addressable Market of ~$5B DIFFERENTIATE Innovative solution differentiates Dow’s position in the global furniture and bedding market CREATE FUTURE DEMAND Proliferate globally and scale locally to build markets and new value streams RENUVA™ Polyol used as raw material for new products and applications 30 million mattresses thrown away in Europe each year Collaborating for success

Connectivity and Wellbeing

Supporting Next Generation Technology for the 5G Ecosystem Sustainability Benefits Scalable capacity with reduced energy consumption Automation / connectivity More reliable and higher data speeds / bandwidth Industry Sustainability Trends Our Value Proposition DRIVE TRANFORMATIONAL GROWTH  Significant sales growth from expanding 5G market with near-term Total Addressable Market of ~$1B LEADING POSITION Strengthen leading position in the 5G ecosystem with a broad range of innovative thermal management solutions WIN with WINNERS Win business via strategic relationships with telecommunication leaders Cloud and data center Consumer devices Reduced energy consumption with room temperature curing Manufacturing efficiency with ease of processing Materials replacing fabricated thermal pads with no oil bleeding and low VOCs Silicone technologies efficiently dissipate heat with higher performance and reliability supporting environmental sustainability Telecom infrastructure

DOWSIL™ Silicone Adhesive for Foldable Displays Sustainability Benefits High performance Lower energy usage Design flexibility Industry Sustainability Trends Our Value Proposition ACCESS NEW MARKET Penetrate high growth foldable display market with near-term Total Addressable Market of ~$400MM LEADING POSITION Become leading solutions provider for foldable technologies through innovative and unique solutions PARTNERING WITH INDUSTRY LEADERS Establish strategic partnerships with display innovation pioneers via enabling new designs of foldable phones Consumer Experience enhanced by design options New adhesive can function as “cured-in-place-gasket” to make foldable phone water-proof Improved technology: Enable new form-factor of foldable display with waterproof function Easy to apply with optimized adhesion, silicone adhesive solutions facilitate simpler assembly process Energy savings: UV curing process can replace current high temperature oven cure process Allows innovation in consumer electronic design

Advancing the Journey toward Sustainable Paints & Coatings Bio-Renewable Binders Our Sustainable Solutions Industry Trends Binders for Indoor Air Quality TiO2 Reduction CONSUMER HEALTH Indoor air quality Enhanced health & wellbeing ENVIRONMENTAL FOOTPRINT Lower carbon footprint Regulatory compliance RENEWABLE SOLUTIONS Preference for natural materials GHG emissions reduction STRONG INNOVATION LEGACY CAPITALIZING SUSTAINABILITY-DRIVEN GROWTH OPPORTUNITY SOLUTION OPPORTUNITY SOLUTION Consumer preference for natural materials Improving environmental & health outcomes by reducing TiO2 & solvents TiO2 TiO2 reduction up to 20% (1) > 50 years of TiO2 & VOC reduction with high quality hiding & film performance 90% of our time is spent indoors Green Building standards require improved indoor air quality Net CO2 reduction of ~960 KT, or removing ~209,000 cars from the road for a year (2) FORMASHIELD™ helps improve air quality, contributes to wellbeing Low VOC, low odor OPPORTUNITY SOLUTION Globally available Growing demand Lower carbon footprint (3) Eligible for USDA bio-preferred certification Bio-renewable monomers to fuel next generation of coatings (1) with current offerings, (2) Based on 2011-20 sales, (3) vs. 100% petrochemical-based binder $1B addressable market $ $ $ $500MM addressable market $300MM addressable market

Growth Levers Enabled by Attractive End-Market Participation Increased need for consumer products and solutions to support growing global middle class Rapid adoption of technology advancements require fast-paced and flexible innovation pipeline Increased consumer demand for sustainable products and low environmental impact of products Growth of connectivity and wellbeing increases access to health, education, and business opportunities Consumer Market Highlights Market Verticals Packaging Mobility Infrastructure Consumer $200B 1.5x GDP Addressable Market Growth Rate Dow Participation Highlights ~30% of Dow net sales into Consumer Market through broad participation across all Operating Segments Dow’s innovative portfolio addresses lower-carbon footprint and circularity goals while enabling continued growth Industry leadership delivered through in-depth application expertise and innovative digital platforms Investment in high-return, fast-payback projects to continue to unlock additional downstream capacity Geographic breadth to locally serve customers Market Overview and Value Growth Highlights Lower Carbon Footprint and Sustainable Materials Circularity Connectivity and Wellbeing Key Topics

Mobility Tim Boven  |  MobilityScience™ Director     October 6, 2021

Growth Levers Enabled by Attractive End-Market Participation Market Overview and Dow’s Participation Broad Portfolio of Solutions across Many Application Areas Our Approach to the Vehicle Lifecycle Solutions Enabling Low-Carbon and E-Mobility Key Topics Dow’s Participation in Mobility Market Verticals Consumer Infrastructure Packaging Highlights One-Dow MobilityScience™ team serving Tiers and OEMs, represents ~10% Dow sales Global reach with local presence in industry hubs Decades of transportation experience Comprehensive suite of solutions across leading technology platforms for EV and AV Customized industry-specific development, expertise and support Developing solutions that enable sustainability across the vehicle lifecycle Mobility $75B 1.5x GDP Addressable Market Growth Rate Electronics Thermal management Seating & safety systems Battery assembly Key Offerings: Adhesives & sealants Foams Elastomers Thermoplastics Thermosets Fluids Acoustics Lighting

Multiple Chemistries and Materials across Broad Application Space Packaging & Specialty Plastics Industrial Intermediates & Infrastructure Performance Materials & Coatings Interior & Exterior Noise, Vibration & Harshness Safety Systems Lighting Systems Interiors Body & Composites Auto Care Power Electronics Battery Systems Advance Driver- Assistance Systems Electric & Autonomous Vehicles Displays & Communications Cables & Connectors Electronic Components Automotive Lubricants Brake & Steering Systems Powertrain Engine & Under-The-Hood (not pictured) Targeting +$1B near-term revenue growth increase vs. 20191 (>40%) Investing in new capabilities like MobilityScience™ Studios to accelerate growth Differentiated portfolio enabling EV and AV transitions 1. MobilityScience revenue and growth appear in each of the enterprise segments. Targeting 24% increase in Dow $/vehicle by 2025

Dow Mobility is on the Move Market Overview Dow Growth Drivers EV & Hybrid Take Share, Benefit Dow New Value Pools Source: April 2021 IHS Powertrain forecast Sustainability Drivers Electrification & autonomous Lightweighting Low carbon, circular & renewable EV and AV Battery assembly Power electronics Advanced driver assist systems Key Market Drivers Growing middle class in developing economies increases demand for mobility, particularly in APAC Lighter-weight designs to increase fuel and battery efficiency Lower CO2 footprint accelerates electric and hybrid vehicle designs Increased connectivity required for enhanced safety and autonomous capabilities Total addressable market ~$75B, 1.5x GDP 3-4x more silicone products in EVs vs. ICE vehicles Sustainability Electrification AV/Connectivity APAC Growth

Sustainability Benefits1 Lightweighting Industry Sustainability Trends Our Value Proposition Premium aesthetics through high quality products enabled by AMC technology Enabling low density, lower environmental impact weatherseals, hoses and belts 24% Less cumulative energy 39% Less CO2 emissions 69% Less ozone depletion 45% Less smog 37% Less acidification Help to reduce weight in assembly DOW MATERIALS SCIENCE NORDEL™ EPDM production by Advanced Molecular Catalyst (AMC) technology has a significantly lower environmental impact CUSTOMER FOCUS Collaborating with customers to help achieve OEM goals for premium aesthetics and efficiency in their weatherseals, hoses and belts PRODUCTIVITY SOLUTIONS When combined with Extra Fast Cure and Extra Fast Mixing grades, NORDEL™ helps create high-quality products more efficiently Lower Environmental Impact EPDM with Dow Nordel™ Reduced Emissions 1. Source: Dow LCA calculations versus Ziegler-Natta technology framed by ISO standards 14040 and 14044 and validated by third party Quantis.

Process and Energy Savings with Radical Cure Technology™ Benefits Industry Sustainability Trends Our Value Proposition DOW MATERIALS SCIENCE Versatility and adhesion strength for automotive and other electronics applications CUSTOMER FOCUS Addresses the need for design flexibility and cost control PRODUCTIVITY SOLUTIONS Saving steps and simplifying production, while improving performance Adhesion in harsh environments Rapid curing at lower temperatures Reduced cleaning requirements for substrates Improved performance due to compatibility with diverse substrates Energy savings from low curing temperatures; 60-90% reduced energy usage vs. thermally cured adhesives Reduced costs through faster cure times; reduces labor, processing time, storage requirements, and reduces use of physical fasteners Autonomous/connectivity E-mobility Safety Incumbent Heat Curing Adhesive

Energy Savings and Longevity Increase with DOWSIL™ Adhesive Sustainability Benefits Industry Sustainability Trends Our Value Proposition Strong EMI shielding across frequencies Autonomous Connectivity Energy & equipment savings with room temperature cure vs. 125C-150C Extending device lifetime by extending EMI shielding lifetime Material serving several roles enables multi-functionality with simpler solutions E-mobility DOWSIL™ EC-6601 Electrically Conductive Adhesive Versatility of adhesion; suitable across applications Keeping vital devices, systems and people protected Room temperature cure, lower energy intensity/CapEx for customers 5G connectivity autonomous vehicles DOW MATERIALS SCIENCE Leverage Dow core expertise to multiply product functionality CUSTOMER FOCUS Extensive industry knowledge and customer intimacy speeds innovation PRODUCTIVITY SOLUTIONS Helping to save energy and simplify solutions for our customers

Increased Circularity with Specflex™ & Voranol™ Polyurethanes Benefits Industry Sustainability Trends Our Value Proposition DOW MATERIALS SCIENCE Leading solutions provider with proven material technology CUSTOMER FOCUS Meeting customer needs for optimum quality with sustainable solutions PRODUCTIVITY SOLUTIONS Reliability and performance without needing to re-certify Reduces the use of fossil feedstocks with recycled waste in the mobility sector Enables a wide range of flexible foam systems with reliable performance Circular feedstock using recycled stream from mobility sector 10% CO2 reduction compared to fossil fuel equivalent Waste reduction in mobility sector Reliable performance for a wide range of flexible foam systems Circularity Lightweighting Reduced Use

Sustainability Benefits Lightweighting Industry Sustainability Trends Our Value Proposition Reliable performance to keep electrical vehicles running DOWSIL™ TC-5515 LT Enables higher density, lower cost battery packs for automated assembly systems High reliability with resistance to temperature (150C) and thermal shock (-40C to 150C aging) Easy application and high throughput Low density to meet light weight requirements; ~2kg reduction per battery Heat dissipation for cooling needs (2 W/m-K) E-mobility Help to reduce weight in battery pack assembly DOW MATERIALS SCIENCE Leverage Dow core expertise for superior industry applications CUSTOMER FOCUS Reliable solution for the fast-growing Electrical Vehicle market PRODUCTIVITY SOLUTIONS Enhances performance and extends life of EV batteries, while reducing production costs Improved Reliability with DOWSIL™ Thermal Conductive Gap Filler

Growth Levers Enabled by Attractive End-Market Participation Low-carbon mobility is essential to reducing the world’s emissions and requires participation across all aspects of the vehicle lifecycle Dynamic mobility value chain with new players and evolving roles E-mobility requires investment in electronic materials innovation Customers prefer suppliers with a comprehensive suite of materials and capabilities to solve challenges across a wide variety of mobility applications Mobility Market Highlights Market Verticals Consumer Infrastructure Packaging Dow Value Proposition One-Dow MobilityScience™ team serving Tiers and OEMs, represents ~10% Dow sales Global reach with local presence in industry hubs Decades of transportation experience Comprehensive suite of solutions across leading technology platforms for EV and AV Customized industry-specific development, expertise and support Developing solutions enabling sustainability across the vehicle life-cycle Mobility $75B 1.5x GDP Addressable Market Growth Rate Market Overview and Dow’s Participation Broad Portfolio of Solutions across Many Application Areas Our Approach to the Vehicle Lifecycle Solutions Enabling Low-Carbon and E-Mobility Key Topics

October 6, 2021 Panel discussion led by Jim Fitterling | Chairman and Chief Executive Officer Path to Zero-Carbon Emissions

87 Clear Path to Zero-Carbon Emissions while Driving Growth Scope 1&2 Carbon Emissions (MM mta) 2005 – 2020 CO2 â 15% | Volume á ~30%1 2020 – 2030 CO2 â 15% | Volume á ~20%1 Total CO2 â ~30% since 2005 By 2050 Decarbonize while Growing Capacity Affordable and achievable path to zero-carbon emissions while supporting attractive growth Phased Strategy to Decarbonize and Grow Replace end-of-life capacity with higher-efficiency capex and opex assets while lowering emissions (e.g. TX-9) Capture value uplift from increasing demand for low-carbon footprint and sustainable products Scale carbon-efficient economical technologies, including FCDh, EDH, e-cracking Capitalize on licensing opportunities to decarbonize the industry Deploy new technologies to close remaining gap Execute while Delivering Our Financial Targets Maintains strong cash-generating core Maintain capex ≤ D&A & allocate ~$1B/year (~1/3rd D&A) to decarbonize in a phased, site-by-site approach Timing based on affordability, macro, regulatory drivers and incentives to de-risk development and adoption Path to Zero Olefins Other Purchased Steam & Power Energy Dow Current Emissions Close remaining gap with new technologies 1. Volume growth represents ethylene capacity, excludes JVs

TX-9: World-Class Investment across Key Dimensions Built faster than other similar USGC projects Achieved targeted design rates within one month of both startup and expansion Delivered ~20% lower capital cost per ton1 Already exceeding our profitability targets Emits 60% less CO2 per pound than average cracker in the fleet without H2 or CCS capability Demonstrates low emissions with existing technology; serves as basis for next cracker >65% lower conversion cost than Dow fleet Consistently running >110% of expanded nameplate capacity Returning best fixed cost per unit in our fleet >15% Return on Invested Capital since start-up with C2 at market price Expanded in 2Q20 TX-9 demonstrates leading capital efficiency, operational performance, and emissions reduction Industry-Leading Execution & Capital Efficiency Exceeding Operational Design Capability Advantaged Carbon-Intensity & Conversion Cost 1. IPA 2020 benchmarking results and other 3rd-party consultants. Dow Fleet Dow Avg. Dow Avg. TX-9 Next Cracker w/CO2 abatement Capital Intensity ($/MT) >20% advantage 0_

 Path to Zero-CO2 Emissions Includes Scope 1, 2, and 3 Actions Roadmap to Reduce >90% of Scope 1 & 2 Carbon Emissions Dow’s Current Emissions ~35MM mta Target of ~5MM mta (15%) by 2030 1 Based on 12x of global sites, representing >90% Dow’s Scope 1&2 CO2 emissions Site efficiency improvements and renewable power On-purpose circular-hydrogen; carbon capture & sequestration Implement Alberta project and Terneuzen site carbon emissions reduction plans with government support Optimize H2 allocation & production Additional carbon capture and storage capabilities Retrofit turbines for H2 fueling or electrical drivers New cracking technologies Leverage most competitive clean H2 and zero-carbon emissions e-cracking technologies Connect to H2 infrastructure Through 2030 2030 – 2050 Details & Target Scope 1 & 2 emissions mostly from power & steam generation and olefins production Target reducing these emissions by >90% by 2050 while enabling business growth Scope 3 Emissions Reduction Working with suppliers on upstream decarbonization opportunities, aligned with our Supplier Code of Conduct Enabling customers to reduce emissions, amplifying our impact through design for recyclability, light-weighting, downgauging, and lower carbon footprint delivery Collaborating with Columbia University to better identify opportunities to value carbon savings from product benefits Actions targeted to incentivize innovation and infrastructure to decarbonize the value chain Plans for >60% sites to be H2-ready by ~20401

Announcing World’s First Net-Zero Carbon Emissions Site in Alberta, Canada This one project decarbonizes ~20% of Dow’s global ethylene capacity while growing polyethylene supply by ~15% and enabling ~$0.7-1.2B of earnings growth by 2030 90 Ft. Saskatchewan, Alberta Project Enables Net-Zero Carbon Emissions with Lower Capital Intensity Capital Intensity ($ Capex / Mt polyethylene) Carbon Intensity (Mt CO2/ Mt ethylene) Dow Cracker Fleet average TX-9 + Derivatives New Alberta Cracker + Derivatives + CCS 0_ Investment offers opportunity to bring entire site to net-zero carbon emissions while supporting attractive growth Decarbonize & Grow to Produce ~3MM mta of Certifiable Low- to Zero-Carbon Emissions C2 Derivatives Includes brownfield investments to expand ethylene and derivatives capacity by ~2MM mta Enhances mix with low-carbon emissions polyethylene products with differentiated pricing Leverages existing feedstock advantage, proven low-risk technology (TX-9) and local & national support Upgrades existing infrastructure for circular-H2, clean energy, & CCS with multiple potential partners Existing Alberta Site and Infrastructure Brownfield Investments Cracker Derivatives Adjacent 3rd-Party CO2 Infrastructure Alberta project expected to be ~15% lower capital intensity than TX-9 + Derivatives Cracker Derivatives Auto-Thermal Reformer (ATR) shifts cracker off-gas to H2 and CO2 CO2 CO2 H2 Circular Circular H2

Winning Technologies to Decarbonize the Industry at Lower Capital Intensity CAPITAL-ADVANTAGED estimated savings per kt of monomer Dow PDH Modern Cracker Propylene (20%) (>40%) CARBON-ADVANTAGED estimated reduction of CO2  emissions per kt of monomer UNIFINITYTM FCDh Dow PDH Modern Cracker EDH TX-9 Best-in-class Modern Cracker Modern Cracker (20%) UNIFINITYTM FCDh EDH FCDh Ready for Commercialization; Additional Licensing Negotiations Underway High-Efficiency Platform Dramatically Reduces Capital and Energy Requirements, Expands Licensing Opportunities Ethylene TX-9 Best-in-class (20%) reduction reduction reduction reduction FCDh = Fluidized Catalytic Dehydrogenation ~150 kta ~750 kta >350 kta ~2000 kta >1200 kta (Cracker Retrofit) Typical capacity (Cracker Retrofit) (Naphtha) (Naphtha)

Cutting Edge, Low-Carbon Emissions E-Cracking Technology Zero-carbon emissions with a clean-power portfolio Cracker retrofit possible Secured support from Dutch government for research scale unit Preliminary investment decision for pilot-scale project Potential startup of pilot plant Initial collaboration with Shell ~2020 ~2022 ~2025+ Future investments based on technology, incentives Clean Power Fuel Shift to Current: Conventional Cracker Future: Electric Cracker

Early adopter of GRI Comprehensive Reporting option Reporting to CDP climate survey for nearly 2 decades Member of Task Force on Climate-related Financial Disclosures (TCFD) Commitment to fully adopt TCFD recommendations by 2022 Expanded reporting to include SASB standards Voluntary reporting since 2003 External assurance of sustainability report since 2007 Leading with Commitment to Transparency and Accountability Combined ESG priorities into one holistic, transparent and comprehensive report, “INtersections” Improving internal processes and controls for additional quantitative disclosures Dow's carbon targets are rooted in climate science with concrete plans in place to decarbonize and achieve zero scope 1 & 2 emissions by 2050 Hard-to-abate sectors will need an industry-wide framework to address scope 3 that is simple, credible, auditable and transparent Supportive of efforts to consolidate reporting frameworks Proactively engaging with government agencies as mandatory reporting proposals advance Actions to Prepare for Advanced and Consolidated Reporting Long-Time Leader in Reporting Transparency and Climate Disclosure

Growing Earnings while Advancing Our Zero-Carbon Emissions Future Enables a high-value portfolio of low-carbon footprint products for customers at differentiated pricing Deepens partnerships with customers to support their decarbonization journey Protects and extends our feedstock advantage Reduces our exposure to regulatory uncertainty and carbon price risk Maintains optionality to accelerate where we can capture additional value By 2050 By 2030 Carbon neutral (Scopes 1+2+3 plus product benefits) Additional 5MM mta reduction (15%) in CO2 emissions Since 2005, Dow targeting total of ~30% reduction Advancing our path to zero in a balanced and disciplined manner Upholding our commitment to affordability, ROIC and shareholder remuneration targets Differentiated, Low-Carbon Emissions Portfolio Dow Uniquely Positioned to Win Structural feedstock advantages w/ flexibility Proven, low-risk, world-class capabilities Broadest portfolio set built to address sustainability drivers

Disciplined Value Growth with Clear Financial Priorities Howard Ungerleider | President and Chief Financial Officer October 6, 2021

Delivering on Our Commitments Since Spin Avg. capex ~55% of D&A; funding low-risk, high-return growth projects >$4.5B net debt reduction; >$2B lower Sadara guarantees 88% of operating net income returned to shareholders Disciplined capital allocation and strong credit profile across the cycle 2Q21 TTM at 14.7% Uplift from early-cycle ethylene and polyethylene investments Executed ~$1B in best-owner mindset transactions Operating return on invested capital >13% Removed $1.2B in structural cost Delivering $0.8B EBITDA annually from growth investments >$200MM of TTM interest expense savings Grow bottom line faster than top line 95% average quarterly cash flow conversion1 >$10B of free cash flow generated1 9-day working capital efficiency improvement Cash flow conversion of ~90% Financial Goals from 2018 Investor Day Enhanced accountability and transparency since spin Disclosure of key capacities, including JVs Annual updates on benchmarking progress Shift to EBIT as primary profit metric Shift to market-based internal transfers Disclosure of Dow’s share of principal JV financial metrics Spin is defined as April 1, 2019 when Dow separated from DowDupont (1) Dow 1Q21 excludes the impact of the $1B elective pension contribution

Top-Quartile Performance Dow remains committed to a culture of benchmarking, enhanced transparency and disclosure (1) Dow 1Q21 excludes the impact of the $1B elective pension contribution (2) Benchmarking peer set includes: Arkema, BASF, Covestro, Eastman, Huntsman, Lyondell, Wacker

Our Financial Goals Short-Term Operating EBIT Free Cash Flow ESG Customer Experience World Leading Operations Inclusion & Diversity Operating return on invested capital >13% Industry-leading cash flow generation Disciplined capital allocation and strong credit profile across the economic cycle LEADERSHIP COMPENSATION METRICS Management incentives squarely aligned with shareholder interests and ESG goals Execute on our earnings growth levers Long-Term Operating ROIC Relative TSR Cash Flow from Operations ESG (to be included)

Dow’s Disciplined Capital Allocation Framework Remains Consistent DIVIDEND POLICY ORGANIC INVESTMENTS SHARE REPURCHASES Focused capital allocation priorities to maximize shareholder value creation Based on Moody’s Rating Agency Methodology SAFELY & RELIABLY RUNNING OUR OPERATIONS Long-term dividend payout ratio target across the economic cycle of ~45% of operating net income Grow dividend as earnings and FCF expand Maintain total capex D&A across the economic cycle Continue to target ROIC >13% Invest for growth and a more sustainable and circular future with lower-risk profile   Share repurchases in addition to the dividend to meet long-term total shareholder payout ratio target across the economic cycle of ~65% of operating net income Share repurchases to cover dilution at a minimum CREDIT PROFILE Strong investment-grade credit profile across the economic cycle Target rating agency adj. debt to EBITDA1 of 2.0x – 2.5x to increase financial flexibility across the economic cycle

Robust Liquidity and Manageable Debt Towers Financial Strength with Ample Liquidity ~$13B Proactive Liability Management Provides Financial Flexibility Revolver $5B Committed Bilateral Lines $3.1B Committed A/R Securitization $1.3B Cash & Cash Equivalents $3.5B

Our Financial Goals Operating return on invested capital >13% Industry-leading cash flow generation Disciplined capital allocation and strong credit profile across the economic cycle Management incentives squarely aligned with shareholder interests and ESG goals Execute on our earnings growth levers Short-Term Operating EBIT Free Cash Flow ESG Customer Experience World Leading Operations Inclusion & Diversity LEADERSHIP COMPENSATION METRICS Long-Term Operating ROIC Relative TSR Cash Flow from Operations ESG (to be included)

102 Growth and Efficiency Levers Drive Earnings ~$0.3B ~$0.3B Efficiency Levers Near-Term Growth Levers1 $6B $12B $9B $15B Earnings Corridor Evolution Faster economic recovery led by post-pandemic consumer and industrial demand Tighter near-term supply and demand balances Differentiated pricing and margin uplift from low-carbon footprint and sustainable products High-margin licensing opportunities for low-CO2 emitting process technologies In-Flight Actions Increase Underlying EBITDA by >$3B Additional Opportunities Supporting Earnings Trajectory $0.9 – 1.1B Mid-Term Growth Levers2 Based on cycle EBITDA % Revenue margin averages from 2016-2Q21 using publicly reported data Plan includes 1650 kta C2 and derivatives capacity from new low/zero-carbon emissions brownfield assets; estimated peak-to-trough EBITDA range based on Dow and IHS historical margins in Americas and operating rate of 90% Total $3.0 – $3.9B

Digital Growth and Restructuring Programs on Track Savings by Segment 50% run-rate delivered in mid-2021 On track to deliver $300MM run-rate by YE2021 ~$150MM of hard-dollar savings in 2021; remaining in 2022 Delivering Streamlined Cost Structure ~$300MM Annual EBITDA Benefit ~2-Year Payback ~$350MM implementation spend in 2021 Remaining spend materially complete by YE2022 Rationalizing smaller-scale, higher-cost assets Maintaining competitive cost structure % Run Rate Faster materials science innovation & commercialization Real-time manufacturing insights & operational data intelligence Frictionless e-commerce buying experience Developed capability to accelerate product development through high throughput & artificial intelligence Now offering customizable, immersible search capability for Infrastructure-related products Implemented demand-sensing tools to deliver improved cost and inventory efficiencies Advancing Our Digital Investments >$300MM Annual EBITDA Benefit < 3-Year Payback

104 Growth Investments to Deliver Enhanced Earnings Profile Investments in Alberta to decarbonize and grow with net-zero CO2 emissions ethylene & derivatives Incremental expansions in PE and Functional Polymers Enhancing feedstock flexibility Innovative FCDh technology High-margin polyurethane systems Alkoxylates and specialty amines Local formulation capabilities in South China Silicones polymers and sealants Silicones adhesives Coatings binders & acrylates Growth from Capital Investments ~$0.9 – 1.1B EBITDA1 Packaging & Specialty Plastics ~$0.9 – 1.1B Industrial Intermediates & Infrastructure ~$0.3 – 0.4B Performance Materials & Coatings ~$0.5 – 0.6B Growth from Operating Investments ~$0.8 – 1.0B EBITDA1 Near-Term Earnings Growth of ~$1.7 – 2.1B1 Mid-Term Earnings Growth of ~$0.7 – 1.2B2 Accelerate shift to higher-margin product mix Unlock additional value through innovative process improvements to increase productivity and lower operating cost Advance circular and low-carbon offerings at differentiated pricing Deliver solutions for next-gen infrastructure Capture demand growth for pharma, sustainable textiles and solutions to facilitate carbon reduction Shift mix towards higher-margin PU systems Global scale to deliver differentiated silicones applications for electronics, home and personal care, infrastructure and mobility end-markets End-market participation tied to middle-class growth Drive innovative solutions for low-VOC and waterborne coatings Based on cycle EBITDA % Revenue margin averages from 2016-2Q21 using publicly reported data Plan includes 1650 kta C2 and derivatives capacity from new low/zero-carbon emissions brownfield assets; estimated peak-to-trough EBITDA range based on Dow and IHS historical margins in Americas and operating rate of 90%

105 Market Fundamentals Remain Constructive IHS, SAGSI, and other company annual reports and disclosures Industry consultant views use industry nameplate capacity and include all announced capacity additions Note: Industry operating rate estimates are based on views as of October 2021 and subject to change Adjusted Operating Rate %s include typical industry planned outages and delayed/cancelled new capacity additions based on historical averages Ind. Intermediates & Infrastructure Perf. Materials & Coatings Packaging & Specialty Plastics Infrastructure investment and consumer spending drives ~1.0x – 1.5x GDP demand growth for Industrial Solutions and Polyurethanes Renewables & energy efficiency are key growth drivers High-value electronics, infrastructure, mobility, home and personal care end-markets grow at ~1.5x – 2.0x GDP Rapid adoption of EV, 5G, cloud computing drives demand for innovative and sustainable products Demand growth for packaging solutions at ~1.3x – 1.5x GDP Plastics are most sustainable offering for packaging compared to glass and metal; circularity is a key growth driver ‘000 MTs ‘000 MTs ‘000 MTs Polyethylene MDI Siloxane Further tightening expected with robust demand, capacity delays/cancellations and typical industry outages Uniquely advantaged by broad and differentiated portfolio capturing favorable industry supply-demand dynamics

Our Financial Goals Operating return on invested capital >13% Industry-leading cash flow generation Disciplined capital allocation and strong credit profile across the economic cycle Management incentives squarely aligned with shareholder interests and ESG goals Execute on our earnings growth levers Short-Term Operating EBIT Free Cash Flow ESG Customer Experience World Leading Operations Inclusion & Diversity LEADERSHIP COMPENSATION METRICS Long-Term Operating ROIC Relative TSR Cash Flow from Operations ESG (to be included)

107 Disciplined Actions to Drive Further ROIC Improvements Maintain Spending Discipline while Further Improving ROIC Keep capex ≤ D&A across the economic cycle Maintain track record of best-in-class project execution and engineering capabilities Align investment decisions with affordability, market attractiveness and public policy trends Target > 13% ROIC across the economic cycle Improvement actions within our control (1) Dow data for 2013-2016 based on historical Dow financials, 2017-2019 based on pro-forma (2) Benchmarking peer set includes: Arkema, BASF, Covestro, Eastman, Huntsman, Lyondell, Wacker Source: FactSet Peer Median excl. Dow Peer Median excl. Dow ROIC Performance Improved Relative to Peer Benchmark1,2 60 bps below Peer benchmark 200 bps above Peer benchmark Deliver >$3B of earnings growth Maintain low-cost operating model Increase funding for higher-return, faster payback, lower-risk incremental growth projects in attractive downstream applications with sustainability benefits Reduce “maintain foundation” spending by finalizing end-of-life decisions and transition to new, lower-cost, zero-carbon operations Evaluate value-creating infrastructure and non-revenue generating asset options Maintain Foundation Decarbonize the Core and Grow Quick Wins and Sustainability As % of total spending

A Strong Focus on Cash Flow Generation (1) Average of 2019, 2020 and 2Q21 TTM (2) Dow 1Q21 excludes the impact of the $1B elective pension contribution (3) Benchmarking peer set includes: Arkema, BASF, Covestro, Eastman, Huntsman, Lyondell, Wacker Robust Cash Flow Yield across the Economic Cycle 2 Dow Free Cash Flow Yield Average Industry Free Cash Flow Yield1 Continued Focus on Cash Generation Working capital efficiencies at $100MM – $150MM per day Increased dividends from JVs on higher earnings profile $50MM – $100MM cash interest savings from liability management Best-owner mindset transactions and unique-to-Dow cash flow opportunities Committed to delivering industry-leading cash flow generation $5B $9B $8B $12B CFFO Corridor Evolution Maintaining Strong Cash Flow from Operations (CFFO) Generation 3

109 Disciplined Capital Allocation and Value Creation Focus Uses of Cash Since Spin Near-Term Focus Credit Profile Reduced net debt by >$4.5B Completed $1B elective pension contribution Reduced interest expense by $0.2B/year Target rating agency adj. debt to EBITDA of 2.0x –2.5x to increase financial flexibility Further reduce interest expense Organic Investments Capex at ~55% of D&A Completed DWDP transaction and initiated restructuring & digital acceleration Completed attractive investments to support growth such as the HPPO JV buyout in Thailand and securing advantaged feedstocks in U.S. Keep capex ≤ D&A and implement the decarbonize and grow approach Target >13% ROIC with accretive, lower risk, faster payback, brownfield investments Complete restructuring and digital acceleration Dividend Policy Paid ~75% of operating Net Income Maintain attractive dividend payout of 45% of operating net income Share Repurchase Covered dilution Cover dilution and meet total shareholder payout ratio target of 65% of operating income Improved balance sheet provides Dow with additional value creation options such as: Accelerating attractive organic growth Growing the dividend Pursuing accretive bolt-on M&A opportunities Executing value-added share repurchases Use of Cash

A Compelling Investment Opportunity Attractive end-market participation with industry-leading portfolio and cost positions Attractive shareholder remuneration Leading cash flow generation Balanced capital allocation and financial discipline Growing enterprise value while driving to zero-carbon emissions Growth from sustainability-driven solutions and circularity OUR FINANCIAL TARGETS Across the economic cycle: Increase underlying EBITDA by another >$3B Maintain industry-leading cash generation >13% ROIC 2.0x – 2.5x adjusted debt-to-EBITDA Return 65% of net income to shareholders Earnings upside from high-return, low-risk investments with capex at or below D&A

Appendix

113 Safe Harbor Cautionary Statement about Forward-Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems. Risks related to Dow’s separation from DowDuPont Inc. include, but are not limited to: (i) Dow’s inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont Inc.; (ii) certain tax risks associated with the separation; (iii) the failure of Dow’s pro forma financial information to be a reliable indicator of Dow’s future results; (iv) non-compete restrictions under the separation agreement; (v) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont de Nemours, Inc. (“DuPont”) and Corteva, Inc. (“Corteva”), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vi) Dow’s obligation to indemnify DuPont and/or Corteva for certain liabilities. Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow assumes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

Non-GAAP Financial Measures This presentation includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. Dow's management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as alternatives to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Dow does not provide forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses and potential future asset impairments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period. General Comments Unless otherwise specified, all financial measures in this presentation, where applicable, exclude significant items. Trademarks The Dow Diamond, logo and all products, unless otherwise noted, denoted with ™, ℠ or ® are trademarks, service marks or registered trademarks of The Dow Chemical Company or its respective subsidiaries or affiliates. Solely for convenience, the trademarks, service marks and trade names referred to in this communication may appear without the ™, ℠ or ® symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, service marks and trade names. This presentation may also contain trademarks, service marks and trade names of certain third parties, which are the property of their respective owners. Our use or display of third parties’ trademarks, service marks, trade names or products in this communication is not intended to, and should not be read to, imply a relationship with or endorsement or sponsorship of us. 114 Non-GAAP & General Comments

Reconciliation of Net Income (Loss) to Operating EBIT & Operating EBITDA

Reconciliation of Non-GAAP Cash Flow Measures

Reconciliation of Net Debt

Reconciliation of Return on Invested Capital

Reconciliation of Return on Invested Capital

EX-99.2

Exhibit 99.2

Press Information   2211 H. H. Dow Way Midland, MI 48674   dow.com

Dow outlines investment plans to deliver >$3B of additional underlying EBITDA growth with clear path to zero-carbon emissions

● Growth projects further solidify leadership positions, designed to capture demand and value growth in key-end market verticals growing above GDP

● Accelerates path to zero-carbon emissions across global asset base

● EBITDA growth and carbon targets to be achieved while maintaining CapEx within D&A levels across the cycle

MIDLAND, Mich. – October 6, 2021 – Dow (NYSE: DOW) at its 2021 Investor Day today announced plans to deliver additional underlying EBITDA growth of more than $3 billion while keeping capital expenditures at or below depreciation and amortization (D&A) levels across the cycle. The investments will also advance Dow’s circular and low-carbon offerings across its portfolio, driving the company toward zero-carbon emissions across its global asset base.

Near-term capital and operating growth investments are expected to generate approximately $2 billion of additional EBITDA, and a new net-zero carbon emissions ethylene and derivatives complex is expected to deliver approximately $1 billion of EBITDA per year by 2030.

In-flight actions will also contribute to Dow’s earnings and cash flow growth potential, including Dow’s previously committed advancements in digitalization capabilities across the enterprise, which are expected to deliver $300 million of EBITDA by year-end 2025, and the Company’s stated restructuring target of $300 million of run-rate EBITDA, which it is on track to deliver by the end of 2021.

The projects will enable the Company to meet continued demand growth for higher-margin, higher-growth products while leveraging Dow’s global scale to penetrate deeper into attractive end-market verticals expected to continue to grow well above GDP, including packaging, infrastructure, consumer and mobility.

“Our near- and mid-term investments will deliver substantial additional earnings and cash flow upside, further enable us to grow with our customers in attractive end-markets, and set the stage for our transition to zero-carbon emissions across our global operations,” said Jim Fitterling, chairman and CEO. “Our global scale, differentiated product portfolio, low-cost position and advantaged feedstock flexibility collectively position us well to both decarbonize and grow, creating value for all our stakeholders.”

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

Capital and operating growth investments include:

● Packaging & Specialty Plastics: incremental capacity expansions in polyethylene and functional polymers; further enhancements of feedstock flexibility; and implementation of next-generation low-carbon, lower-cost technologies, while accelerating its shift to higher-margin products and unlocking additional value through productivity improvements.

● Industrial Intermediates & Infrastructure: additional capacity for high-margin polyurethane systems, downstream alkoxylates, specialty amines and isocyanates to deliver solutions for next-generation infrastructure, capturing demand growth in pharmaceuticals, cleaning, sustainable textiles and applications requiring carbon reduction, while continuing to shift its product mix toward higher-margin applications.

● Performance Materials & Coatings: capacity expansions in silicone polymers, adhesives and sealants as well as coatings binders and acrylates to accelerate growth of downstream business, leveraging global scale and broad innovation portfolio to deliver differentiated solutions and sustainable materials in key end-markets including infrastructure, electronics, mobility, home and personal care and coatings.

These projects advance Dow’s leadership positions across packaging, infrastructure, consumer and mobility end-markets – all growing above GDP and supported by emerging global needs for more sustainable materials. These investments will utilize best-in-class operations to lower carbon emissions through enhanced conversion processes, waste reduction and renewable energy, among others.

Dow also announced today plans to construct the world’s first net-zero carbon emissions ethylene facility and convert the assets at its Fort Saskatchewan site in Alberta, Canada, to create the first net-zero carbon emissions complex with respect to scope 1 and 2 carbon dioxide emissions. These investments will decarbonize approximately 20 percent of Dow’s global ethylene capacity while growing its polyethylene supply by about 15 percent.

These investments support Dow’s commitment to reduce its net annual carbon emissions by an additional 15 percent, reducing net annual carbon emissions by approximately 30 percent by 2030 (since 2005). On its path to zero-carbon emissions, the Company is ready today to scale near-term technology related investments including circular hydrogen and carbon capture and storage and is also exploring investment in modular nuclear. Longer-term investments include electric cracking, ethane dehydrogenation and advanced batteries.

Dow also announced broader carbon reduction actions today, including additional renewable energy agreements in the Americas and Europe. Earlier this year the Company announced a multi-generational plan at its site in Terneuzen, the Netherlands, to invest in clean hydrogen, carbon capture, and e-cracking capabilities.

The Company expects to allocate approximately $1 billion of capex annually – or approximately 1/3 of its D&A levels – to decarbonize its global asset base in a phased, site-by-site approach.

The timing of Dow’s investments aligned to its 2050 carbon neutrality commitment will be driven by affordability, macroeconomic and regulatory drivers. Public policy will also be a key consideration in investment decisions and has the ability to help accelerate Dow’s and the industry’s transition to zero-carbon emissions.

Dow’s Investor Day event takes place today, October 6, beginning at 10 a.m. ET. To join the live webcast, visit the event page on dow.com. A replay and transcript will also be available within 48 hours following the event.

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

About Dow

Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

###

For further information, please contact:

Kyle Bandlow

+1.989.638.2417

kbandlow@dow.com

Cautionary Statement about Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems.

Risks related to Dow’s separation from DowDuPont Inc. include, but are not limited to: (i) Dow’s inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont Inc.; (ii) certain tax risks associated with the separation; (iii) the failure of Dow’s pro forma financial information to be a reliable indicator of Dow’s future results; (iv) non-compete restrictions under the separation agreement; (v) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont de Nemours, Inc. (“DuPont”) and Corteva, Inc. (“Corteva”), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vi) Dow’s obligation to indemnify DuPont and/or Corteva for certain liabilities.

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow assumes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

# # #

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

EX-99.3

Exhibit 99.3

Dow adds eight new renewable power agreements, reducing emissions by more than 600,000 tons of CO2e per year

● New agreements increase Dow’s total access to more than 850MW of clean power

● Dow maintains position as a leading purchaser of clean energy in the chemical industry and top 20 users among global corporations

● More than 25% of Dow manufacturing sites are either fully or partially powered by renewable power purchase agreements

● Approximately 25% of Dow’s purchased electricity comes from renewable sources

MIDLAND, Mich. – October 6, 2021 – Dow (NYSE: DOW) announced today that it has signed eight new renewable power purchase agreements (RPAs) spanning Europe and the Americas. The power supplied by the new agreements is expected to reduce Dow’s scope 2 emissions by more than 600,000 metric tons of CO2e per year.

The new RPAs provide cost competitive access to an additional 132 megawatts (MW) of clean power capacity from wind and solar, with zero capital investment from the Company, bringing Dow’s total access to more than 850 MW of clean energy, well ahead of its 2025 Sustainability Goal aligned to power from renewable sources.

“Dow’s ambition to be the most sustainable materials science company in the world includes making efforts to reduce our greenhouse gas emissions. As one of the leading purchasers of clean power in the chemical industry and among the top 20 clean energy purchasers of corporations globally, we continually pursue opportunities to move our sites to cleaner, more cost-effective power while ensuring reliable operations,” said Jack Broodo, president, Dow Feedstocks and Energy business. “These agreements will keep Dow competitive now and into the future as we continue to deliver products and innovations that ultimately keep carbon emissions out of the environment.”

The RPAs include:

● In Europe, six agreements have enabled eight Dow sites across Spain, U.K., Sweden, France, and Germany to transition to 100 percent green electricity. Several other Dow sites across Europe have also transitioned to a cleaner grid power mix or are importing renewable power to complement the self-generation needed to assure reliable operations.

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

● In Latin America, Dow has signed a long-term agreement in Brazil with Casa dos Ventos aligned to the construction of a new wind power plant in Rio Grande do Norte state. The agreement provides Dow’s site in Cabangu, Brazil, with access to cost competitive capacity for wind-generated electricity, with the assurance of 60 MW of continuous renewable power, which will supply power for silicon metal production.

● In North America, a long-term agreement with Capital Power Corporation in Alberta, Canada will provide clean power capacity, replacing approximately 40 percent of the energy demand at Dow’s Prentiss, Alberta site for polyethylene production. The RPA with Capital Power, supplied through the company’s Whitla 2 wind farm project, supports grid diversity and provides greater access to renewable power for both industry and consumers in Alberta.

These agreements build on four RPAs Dow signed in 2020, which provided the Company with access to additional solar and wind capacity to reduce Dow’s scope 2 emissions by 225,000 metric tons of CO2e.

Also in 2020, Dow announced its intention to reduce net annual carbon emissions by an additional 15 percent, reducing net annual carbon emissions by approximately 30 percent by 2030 (since 2005) on its path toward achieving net CO2 neutrality by 2050. In support of achieving this target, the Company continues to transition more sites and operations to cleaner power.

Last year, Dow obtained approximately 25 percent of its purchased electricity consumption from renewable sources. Dow’s comprehensive “INtersections” ESG report provides more detail on the Company’s continued efforts to reduce emissions around the world.

About Dow

Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

###

For further information, please contact:

Kyle Bandlow

+1.989.638.2417

kbandlow@dow.com

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

Cautionary Statement about Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems.

Risks related to Dow’s separation from DowDuPont Inc. include, but are not limited to: (i) Dow’s inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont Inc.; (ii) certain tax risks associated with the separation; (iii) the failure of Dow’s pro forma financial information to be a reliable indicator of Dow’s future results; (iv) non-compete restrictions under the separation agreement; (v) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont de Nemours, Inc. (“DuPont”) and Corteva, Inc. (“Corteva”), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vi) Dow’s obligation to indemnify DuPont and/or Corteva for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow assumes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

# # #

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

EX-99.4

Exhibit 99.4

Dow announces plan to build world’s first net-zero carbon emissions ethylene and derivatives complex

● Organic, brownfield investment would more than triple Dow’s ethylene and polyethylene capacity from its Fort Saskatchewan, Alberta site while retrofitting the entire site to net-zero scope 1 and 2 carbon dioxide emissions

● Decarbonizes ~20% of Dow’s global ethylene capacity while growing polyethylene supply by ~15% and supporting ~$1 billion of EBITDA growth by 2030

● Project builds on success of Dow’s industry-leading TX-9 investment and is expected to deliver ~15% lower capital intensity vs. TX-9 cracker and derivatives

● Fort Saskatchewan site selected due to availability of carbon capture infrastructure, competitive feedstocks and attractive government partnerships

● Investment will advance Dow’s commitments to reduce carbon emissions, reaching ~30% by 2030, on the path to carbon neutrality by 2050

MIDLAND, Mich. – October 6, 2021 – Dow (NYSE: DOW) announced today its plan to build the world’s first net-zero carbon emissions integrated ethylene cracker and derivatives site with respect to scope 1 and 2 carbon dioxide emissions. The project would more than triple Dow’s ethylene and polyethylene capacity from its Fort Saskatchewan, Alberta site, while retrofitting the site’s existing assets to net-zero carbon emissions. The organic, brownfield investment would significantly increase Dow’s capacity of advantaged ethylene, polyethylene and derivatives manufactured across Alberta – all while maintaining Dow’s enterprise-level commitment to keep capital expenditures at or below depreciation and amortization (D&A) levels. The Company expects to allocate approximately $1 billion of capex annually – or approximately 1/3 of its D&A levels – to decarbonize its global asset base in a phased, site-by-site approach.

Dow expects the new brownfield ethylene cracker to add approximately 1.8 million metric tons of capacity in a phased manner through 2030, and along with derivatives capacity and site retrofit investments, will enable the Company to produce and supply approximately 3.2 million metric tons of certified low- to zero-carbon emissions polyethylene and ethylene derivatives for customers and joint venture partners around the globe.

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

The investment, which is subject to approval by Dow’s Board of Directors and various regulatory agencies, would decarbonize approximately 20 percent of Dow’s global ethylene capacity while growing polyethylene supply by about 15 percent and supporting approximately $1 billion of EBITDA growth across the value chain by 2030. Further, Dow estimates that the project can be completed with an approximately 15 percent lower capital intensity than Dow’s industry-leading Texas-9 cracker and derivative units.

“This investment builds on Dow’s strong leadership position and allows us to meet the increasing needs of customers and brand owners seeking to lower the carbon footprint of their products,” said Chairman and CEO Jim Fitterling. “Our advantaged position and disciplined approach to capital investment makes us well positioned to lead the industry in decarbonizing, growing and accelerating Dow’s path toward carbon neutrality.”

The project would build on Dow’s previous success in reducing the carbon emissions intensity of its manufacturing fleet. Texas-9 in Freeport, Texas, Dow’s most recently commissioned cracker, has delivered a greater than 15 percent return on invested capital since startup and currently operates at 65 percent lower conversion cost and up to 60 percent lower carbon dioxide emissions intensity than the average cracker in Dow’s fleet as well as 20 percent lower capital cost versus the industry. The asset leverages best-in-class technology, including a highly efficient furnace design with optimized integration with other facilities on site, that significantly reduces energy consumption and carbon dioxide emissions.

The production process at Fort Saskatchewan will convert cracker off-gas into hydrogen as a clean fuel to be used in the production process, and carbon dioxide that would be captured onsite to be transported and stored by adjacent third-party CO₂ infrastructure.

The products produced at the site will be used across the globe to help deliver low- to zero-carbon emissions solutions to meet customers’ sustainability needs. Dow is focused on serving high growth markets that support human well-being, drive industrial efficiency, and enable the world’s energy transition.

Dow selected the Fort Saskatchewan site for this investment as the region offers a highly competitive energy and feedstocks position. The region also features access to available third-party CO₂ infrastructure.

“Today’s announcement from Dow is fantastic news for Alberta’s economy. If this project proceeds, it could represent one of the largest job-creating investments in Alberta in over a decade,” said Jason Kenney, Premier of Alberta. “By choosing Alberta to host the world’s first net-zero carbon emissions ethylene plant, Dow is highlighting our growing global leadership in emissions-reducing technology like carbon capture utilization and storage, and Alberta’s open for business policies.”

“Alberta’s support for circular hydrogen and CO₂ infrastructure are essential to enabling us to develop this net-zero carbon emissions manufacturing facility,” said Fitterling. “Canada’s support for this type of investment can serve as a model for how government investment can encourage the development and accelerate adoption of emissions-avoiding technologies and solutions.”

This investment aligns with Dow’s broader targets to achieve carbon neutrality by 2050, eliminate plastic waste in the environment and increase its positive impacts on customers, business and society. It also supports Dow’s commitment to reduce its net annual carbon emissions by an additional 15 percent, reducing net annual carbon emissions by approximately 30 percent by 2030 (since 2005). Today, Dow is among the top 20 global corporations for clean energy purchases, with more than 850 MW.

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

About Dow

Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

###

For further information, please contact:

Kyle Bandlow

+1.989.638.2417

kbandlow@dow.com

Cautionary Statement about Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems.

Risks related to Dow’s separation from DowDuPont Inc. include, but are not limited to: (i) Dow’s inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont Inc.; (ii) certain tax risks associated with the separation; (iii) the failure of Dow’s pro forma financial information to be a reliable indicator of Dow’s future results; (iv) non-compete restrictions

Page 3 of 4

^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

under the separation agreement; (v) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont de Nemours, Inc. (“DuPont”) and Corteva, Inc. (“Corteva”), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vi) Dow’s obligation to indemnify DuPont and/or Corteva for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow assumes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

# # #

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^®TM Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

EX-99.5

Exhibit 99.5

Dow expands global capabilities for circular plastics, with initial products available for customers in 2022

● Advancements in the U.S. and Europe will enable Dow to produce circular polymers from materials previously considered unrecyclable

● Company on-track to secure key third-party certifications for assuring circular plastic products to its customers

MIDLAND, Mich. – October 6, 2021 – Dow (NYSE: DOW) today announced several advancements in its efforts to prevent plastic waste, reduce greenhouse gas emissions and provide customers with recycled plastic products that provide the same performance as virgin plastics derived from fossil fuel-based feedstocks.

The advancements will enable the Company to provide initial supply of fully circular polymers to customers starting in 2022.

“The market is placing significant value on circularity and Dow is innovating to address the tremendous unmet demand for circular and low carbon polymers,” said Diego Donoso, president of Dow Packaging & Specialty Plastics. “As the leading materials science company, Dow is offering our customers what they need today and helping them develop more sustainable products, including 100% recyclable solutions or adding recycled or bio-based content into their products.”

The advancements include:

● Dow and Fuenix Ecogy Group are expanding upon the companies’ initial agreement to scale circular plastics production through advanced recycling with the construction of a second plant in Weert, the Netherlands. The new plant will process 20,000 tonnes of waste plastic into pyrolysis oil feedstock, which will be used to produce new circular plastic at Dow’s Terneuzen site in The Netherlands.

● Dow and Gunvor Petroleum Rotterdam finalized an agreement to purify pyrolysis oil feedstocks derived from plastic waste. Gunvor will supply cracker-ready feedstock to Dow beginning in 2021, which will be used to produce circular plastics for customers. The purification process is necessary to ensure the pyrolysis oil feedstocks are of sufficient quality to produce new polymers.

● Dow is fast-tracking the design, engineering and construction of a market development scale purification unit in Terneuzen, the Netherlands, to provide additional capacity to purify pyrolysis oil feedstock derived from plastic waste.

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● Dow has established a multi-year agreement with New Hope Energy, based in Tyler, Texas, to supply the Company with pyrolysis oil feedstocks derived from plastics recycled in North America. New Hope Energy converts used plastics into pyrolysis oil feedstock, which Dow will use to produce circular plastics.

● In preparation to deliver certified circular plastic products to its customers, Dow has received or is on-track to receive International Sustainability & Carbon Certification (ISCC) for each of its major European and U.S. sites. Certification requires an independent, external audit, ensuring product supply chains are fully traceable and that Dow and its suppliers are adhering to and accelerating sustainable practices.

The advancements complement Dow’s recently announced partnership with Mura Technology to support the rapid scaling of Mura’s new HydroPRS^™ (Hydrothermal Plastic Recycling Solution) advanced recycling process. The world’s first plant using HydroPRS^™ is in development in Teesside, U.K., with the first 20,000 tonne per year line expected to be operational in 2023, providing Dow with additional recycled feedstocks.

All of these efforts enable plastics that are currently unrecyclable to be recycled, including flexible plastics used in packaging, which today are typically incinerated or sent to landfill.

“Dow continues to collaborate on leading technologies to enable the future we envision – the sustainable, resource-efficient production of circular plastics – to preserve the tremendous environmental benefits of plastics, including the critical role plastics play in reducing carbon emissions,” said Donoso.

Dow is taking important steps toward meeting its sustainability targets to address both climate change and plastic waste. The Company has set targets to enable 1 million metric tons of plastic to be collected, reused or recycled through its direct actions and partnerships by 2030, and to enable 100 percent of its products sold into packaging applications to be reusable or recyclable by 2035.

About Dow

Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

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For further information, please contact:

Kyle Bandlow

+1.989.638.2417

kbandlow@dow.com

Cautionary Statement about Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems.

Risks related to Dow’s separation from DowDuPont Inc. include, but are not limited to: (i) Dow’s inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont Inc.; (ii) certain tax risks associated with the separation; (iii) the failure of Dow’s pro forma financial information to be a reliable indicator of Dow’s future results; (iv) non-compete restrictions under the separation agreement; (v) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont de Nemours, Inc. (“DuPont”) and Corteva, Inc. (“Corteva”), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vi) Dow’s obligation to indemnify DuPont and/or Corteva for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow assumes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

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